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Significant slow down in property price inflation across Galway

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Significant slow down in property price inflation across Galway

Galway Bay fm newsroom - There's been a significant slow down in the rate of property price inflation across Galway.

While the cost of a home is still rising, inflation in the final quarter stands at just 1.5 percent on average - compared to around 4 percent in the third quarter.

 

The average price for a 3-bed semi across Ireland rose by over 11 percent over the past 12 months and now stands at 225 thousand euro.

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It's a significant increase on the rate of 8 percent recorded for 2016.

However, there's been a significant slow down in the rate of inflation recorded in the final quarter of the year.

The average price for a 3-bed semi in Galway has risen by just 2.1 percent between September and December - and now stands at 148 thousand euro.

The slow down was more pronounced in the city - where a 3-bed semi rose by just 1 percent during the same period to 258 thousand euro.

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According to the Irish Independent, possible reasons for the slowdown in the final quarter include availability of new homes, aspiring buyers hitting affordability limits and banks 'front-loading' their quotas of exemptions to normal lending rules.

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