You might have seen the latest Daft.ie quarterly report all over the news and across social media in the last few days; the headlines were along the lines of ‘Property prices could rise for the next 10 years’. House prices are up an average of 6% over the past six months. Once again, it’s good news for sellers but not so much for buyers. According to Daft’s second report of the year, house prices country-wide are up 46% from their lowest point in 2013.
In fact, a report on the average amount that first-time buyers across Ireland must pay as a contract deposit revealed that South Dublin is the most expensive area (unsurprising), with the average buyer requiring an average €56,300 in cash. Roscommon is the least expensive county for first-time buyers with the average first-time buyer requiring just €13,000. The required figures for Wicklow and Wexford are €31,484 and €19,753 respectively.
But for investors, it was a week of changes with new regulations coming into effect on July 1st. This new legislation means that landlords will need to deliver a higher standard of accommodation, particularly in the area of safety. To meet the new fire safety standards, every rented house or apartment must be equipped with a working fire alarm system and a fire blanket. This also applies to the communal areas of multi-unit buildings, which must have working emergency lighting.
In relation to air quality, all houses and apartments need to have a functioning (regularly maintained) carbon monoxide alarm and proper ventilation systems in the kitchen and bathroom.
In the kitchen, every home must have a ring hob with oven and grill, a microwave, an extractor fan, a fridge/freezer, a sink with drinking water, adequate storage and access to laundry facilities.
One big change is that pest control and dealing with any vermin (it happens!) is now the responsibility of the landlord.
With landlords needing to supply a higher quality of property to tenants and with first-time buyers who don’t qualify for the help-to-buy scheme finding opportunity in modern, second-hand houses, we have a great three-bed house on offer, just a five-minute walk from Gorey’s Main Street. This is a great, family-home type property and garden in excellent condition. With an asking price of €165,000, this property will suit a family or a landlord for letting to a family at an approximate rent of €900-€950 per month.
21 Charlotte Grove, Gorey, County Wexford:
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 .
Email me directly on firstname.lastname@example.org or telephone : +353 53 94 21718
Market Updates on Friday, July 7, 2017 in News