House Prices: What We Can Expect for 2016

Property Update for Wicklow & Wexford

According to the most recent Daft.ie House Price Report, prices nationally rose close to 3% between June and September.

County Wicklow remains the fourth most expensive area for buyers but this does not allow for the huge discrepancy in prices between the north and the south of the county.

The average house price in Wicklow is now €287,581, an increase of 3.6% year on year.  Interestingly, the rate of increase in County Wicklow is one of the slowest in the country, although this is likely explained by the early rapid increases experienced in the area.

Looking the Wexford market, house prices have increased by 8.3% year-on-year.  The average house price in Wexford is now €175,472.

For home-buyers trading up and down, there are just over 400 houses for sale across County Wicklow with a price tag under €500,000, where as in Wexford, that figure jumps to over 800 houses. The great thing for first-time buyers is over half of those houses in Wexford are available below €200,000, whereas less than a quarter of the available houses in County Wicklow carry that price tag.  This is why first-time buyers are back looking at the South Wicklow and Wexford area for their house-hunting.

This will also be of interest to cash investors looking to buy a house (usually in need to upgrading) for under €100,000.  While less than 20 such properties are currently available in County Wicklow, investors will have approximately 100 budget houses to select from in neighbouring County Wexford.

When you look at the rental figures, the above pricing makes great sense for investors.  Rental demand in consistently strong across both counties, while lease prices in North Wicklow can reach double the levels of those in rural area across the south of the county. The national average rent price has risen by over one third since bottoming out in 2011 and is now at its highest level since records began.  In most areas, monthly rents are now almost 10% higher than they were just one year ago.  This is bad news for tenants but good news for investors.

The improved road infrastructure has played a huge part in attracting commuters from the capital but the affordability, increased space and quality of family life have been the main drivers in our experience.

The forecast from Daft.ie:

 “This situation in the general market is not going to change over the next few weeks.”

 

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact myself (Michael), Alan or Eileen Kinsella at kinsellaestates.ie or email me directly on michae