Less than half the population are ‘content’ with their housing

It’s that time of the quarter again, lots of property news, results and price reports.  Daft.ie and MyHome.ie are showing average property price increases of almost 10% nationwide.  While the average increase is lower across County Wicklow, this is likely due to fewer transactions and those transactions are coming from an already-high value base.  County Wexford is picking up speed  and this has been one of the busiest quarters that we have seen in years.   In general, house prices are up 40% since the bottom of the market – which is great news for sellers and home owners whose property might be in negative equity but not so good for house hunters.

Added to the usual run of house price news, KBC Bank have published their Homebuyer Sentiment survey.  These type of survey is few and far between as ‘sentiment’ is more difficult to measure than percentages or euro, but the findings are usually more interesting.  And this one doesn’t disappoint.  Key findings include the following:

• Only 49% of Irish consumers are content with their current housing
• 23% are not in a position to purchase despite wanting to
• 28% are considering buying  within the next two years, with half of these actively house hunting
• Of those currently ready to buy,  less than a quarter are investors while the remaining buyers are an equal mix of first-time buyers and those trading up or down

The phrase ‘pent-up demand’ has been thrown around since the confusing days of 2011/2012 and the effects of this have been felt in the market for a few years.  Usually we think in terms of people who are either  looking to buy or to sell; this survey includes homeowners who are trapped in unsuitable and inappropriate housing.

Interestingly, the survey estimates (based  upon  their random sampling) that there are approximately 70,000 would-be buyers ready to hit the market, with a total anticipated demand of 300,000over the next two years.  While we have sufficient zoned land  in parts of County Wexford to deal with short-term future development, the same cannot be said for most of County Wicklow.

All of this activity and these findings are reinforcing the trend for home buyers to look further from the Capital as  they search for their future home.  Improved road infrastructure right through Wicklow from the M50 to Gorey, just over the Wexford border, makes a 45 minute commute possible from  smaller towns like Carnew, Shillelagh and Tinahely.  For people looking for a coastal home, Riverchapel, just outside the seaside town of Courtown, will be an increasingly attractive location.

To view a selection of the properties currently available, visit kinsellaestates.ie

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie .  Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 to arrange any viewings.