Monday 23 October 2017

Sharp rise in house prices

By Esther Hayden

Daft report.
Daft report.

Houses prices across Wexford have risen significantly in the past year.

According to the latest figures from houses prices in Wexford rose a whopping 12.4 per cent in the past year.

The average asking price in Wexford during 2015 was €160,235. In neighbouring Kilkenny the average asking price is €1`71,048, an increase of 12.5 per cent while the average asking price in Carlow is €140,536, an increase of 4.9 per cent.

The average asking price in Wicklow is €273,869, a rise of 9.2 per cent while in Waterford county it's €174,900, an increase of 15.1 per cent.

During the final quarter of 2015 there was a drop of 1.1 per cent in asking prices across the county.

Some of this may be attributed to a drop of 6.4 per cent in the asking price for one bed apartments which stands at €55,000. This is the only house type in Wexford that saw a drop in price with all other homes seeing an increase in asking prices.

The average asking price of a two bed terraced home is €70,000, an increase of 9.2 per cent while a three bed semi rose by 14.1 per cent to €105,000.

Four bed bungalows also increased seeing a rise of 11.4 per cent to €209,000 while five bed detached homes increased the most rising by 15.4 per cent to €239,0000.

Ronan Lyons of said that the housing market needs a complete overhaul to cope with supply and demand.

'There are four main areas where government intervention is needed in the housing market. The first relates to the supply of mortgage credit which is largely in place now. The second relates to the supply of private housing: here the government needs to limit construction costs relative to our incomes in the same way mortgage credit is now linked to the real economy.

'The third area for government action - supply of public housing - follows directly on from the second. Once you have decided what the minimum cost is for building a home, anyone earning less than this needs a subsidy to give them access to housing.

'Otherwise, they are being denied their human right to housing. Unfortunately, this is an area where very little change has taken place in Ireland over the years.'

'The final area for government policy relates to land use. In many ways, this is the one area where emergency measures are not required. Land use has been dysfunctional in Ireland for decades. To ensure that decade after decade, land is used well and thus housing is readily available and affordable, a land tax is required.'

Wexford People

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