Wexford house prices rise by 13 per cent
HOuse prices in Wexford continue to rise according to the latest housing reports from both Myhome.ie and Daft.ie.
The report from Daft.ie shows that the average asking price for a house in Ireland grew by 4.6 per cent in the first three months of 2015, marking a return to price growth, following a 1 per cent fall in the final three months of 2014.
The average asking price nationwide is now €201,000, the first time since mid-2011 that it has been above €200,000. This compares with a low of €170,000 in mid-2013 and a high of €378,000 in mid-2007.
However this is significantly less in Wexford where the average asking price of a house is €145,734. This represents an increase of 12.9 per cent from the same time last year. The figures show that the average asking price of a one bed apartment in Wexford now stands at €50,000, an increase of 13.9 per cent from the same period last year while the price of a two bed terraced house increased by 10.7 per cent to €66,000. The price of a three bed semi detached house rose by 12.4 per cent to €91,000 and a four bed bungalow saw an increase of 10.2 per cent bringing it to €189,000. The price of a five bed detached house rose by 1.5 per cent to €218,000.
Commenting on the figures, author of the Daft.ie Report Ronan Lyons said: 'It is clear that the Central Bank rules have had an impact on the market. Similarly, compared to a year ago, a far higher proportion of respondents, in the capital and elsewhere, indicated the need to save for a deposit as a key reason for delaying buying a home.
'Outside Dublin, the Central bank rules that link mortgages and incomes seem to have had, if anything, a positive impact on prices. The fact that house prices vary across the country by far more than incomes do means demand should reshuffle from Dublin to elsewhere in the country.'
According to the latest report from MyHome.ie the median asking price of a three bed semi in Wexford rose by three per cent in the first quarter of the year to €120,000.
The MyHome.ie/Davy affordability index indicates Wexford has a price to income ratio for this house type of 3.9. The ratio for the country as a whole is 5 while in Dublin it's 5.9. Despite the increase of three per cent in prices, the report shows that house prices in Wexford are still 60 per cent below the peak.
Economist Conall MacCoille from Davy, said 'the Central Bank's new lending rules may have reined in exuberant price expectations'.
He went onto say that 'although Irish property prices are still well below 2007 peak levels, they no longer look cheap relative to incomes,' he said, adding he believes that population increases and supply constraints will support prices.