Thursday 23 November 2017

County Wexford house pricese rose an average of 10 per cent last year

By David tucker

House prices in County Wexford rose by an average of 10 per cent during 2016, according to the latest House Price Report released by Ireland's largest property website

The average house price in Wexford is €176,527, up 0.6 per cent on the last quarter, reflecting a 10.2 per cent increase on the year and a 41.3 per pent increase since the trough.

Asking prices in Wexford are €62,000 for a one-bed apartment, up 12.4 per cent; €82,000 for a two-bed terraced house, up 16.9 per cent; €118,000 for a three-bed semi, up €12.7 per cent; €229,000 for a four-bed bungalow, up 10 per cent; and €245,000 for a five-bed detached, up 2.2 per cent.

The national average asking price in the final quarter of 2016 was €220,500, compared to €204,000 a year ago and €164,000 at its lowest point. In Dublin, prices have risen by an average of €102,000 - or 46.2% - from their lowest point in mid-2012. Outside the capital, the average increase has been €48,000, or 36%, since the end of 2013.

In Wexford, prices in the final three months of 2016 were 10 per cent higher than a year previously, compared to a rise of 12 per cent seen a year ago.

Prices continue to increase sharply in cities outside Dublin. Compared to the same period in 2015, prices in the final quarter of 2016 were 9.2 per cent higher in Cork and 13 per cent higher in Galway. In Limerick city, the increase was 14 per cent while in Waterford prices rose by just under 15 per cent in 12 months.

Inflation outside the cities varies from 9 per cent in Leinster to 12 per cent in Connacht-Ulster.

There was a noticeable fall-off in the total number of properties for sale nationwide in the final three months of the year, having been largely stable for much of the year.

There were just under 21,800 properties for sale in December, compared to almost 25,500 the same month last year. This is the lowest national total since January 2007 and marks a fall of two thirds from a peak of 63,000 in late 2008.

Meanwhile, says that the price of four-bed semis in Wexford rose by 12 per cent in 2016 and says house prices are expected to tise by eight per cent this year, driven by the economic recovery and an ever tightening housing market.

However the report warns that the combined impact of the Help-to-Buy scheme and looser lending rules means that double-digit house price inflation is a distinct possibility in 2017.

The warning comes despite a subdued end to 2016 which saw the prices of newly listed properties on the MyHome website fall 2.2 per cent on the quarter, in line with normal seasonal patterns.

Across Leinster asking prices continued to show solid gains and this was also evident in Wexford. While the price of a four-bed semi in the county declined by 3 per cent to €157,000 in the fourth quarter of the year, this was still an annual increase of over 12 per cent.

The price of a three-bed semi rose by just over one per cent in the quarter to €135,000, contributing to an annual increase of eight per cent or a gain of €10,000.

The author of the report, Conall MacCoille, Chief Economist at Davy, said the Help-to-Buy scheme - providing a tax rebate worth five per cent of the purchase price of newly-built homes to first-time buyers is likely to push up prices, helping builders' profit margins, the main impact may be on expectations as the housing market tightens.

Wexford People

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