Happy New Year to all, we hope you enjoyed a peaceful Christmas break!

Even in January, the sun is shining in Wexford (albeit between the rain showers). Beaches along the South Wicklow and North Wexford coastline were busy over the Christmas holidays, with families keen to escape the excesses of the season and blow away the cobwebs.

We know that this is a popular time of the year for people to make big and often life-changing decisions. If you are thinking of buying or selling a home in the Wicklow/Wexford area, or indeed if you have been living away but dreaming of returning, 2019 might just be the right time to come home to Ireland’s Sunny South East.

2018 saw the rate of house price growth slow for the first time since the recovery. To be clear, property prices are still increasing, they are simply increasing at a slower rate. The market is still in difficulty in terms of low supply levels and consistent buyer demand. This is not as gloomy as it sounds, in fact, this translates into quite a competitive marketplace for buyers, which is good news for ready sellers.

For those interested in the new homes market, construction activity has improved over the past 12 months, up from 15,000 homes in 2017 to 18,000 homes in 2018. Output is nowhere near where it needs to be (35,000 homes annually), however, any improvement that will add to the stock of homes for sale or for rent must be welcomed. The industry is being urged by economists and market analysts to stop building three and four-bedroom semi-detached houses and to start building one and two-bedroom  apartments. I think this might be an over-simplification of the marketplace and doesn’t necessarily reflect our experiences in a large town like Gorey, which of course is very different to our experiences in smaller, rural towns like Carnew.

With an average home price of €334,000, North Wicklow remains Ireland’s fourth most expensive area after South County Dublin, Dublin City South and Dublin City North. Taking the entirety of County Wicklow into consideration, the  average house price increased 6.4% in 2018 to €333,804 according to Daft.ie or €320,000 according to MyHome.ie. Either way, this is significantly higher than the national average price of €254,000. Average property prices across County Wexford increased 7.3% in 2018 to €206,779.

Interestingly, one-bed apartments saw the greatest price increases, with one-bed units up 17.5% in Wicklow and up a massive 18.9% in Wexford. Five-bedroom detached homes in both counties saw the lowest rate of increase, just 1.7% in Wicklow and 3% in Wexford. This is consistent with trends nationwide. There is some positive news for home buyers with stock levels across Leinster increasing by 20% in the last three months of 2018.

Looking ahead into 2019, house prices across County Wicklow and County Wexford are set to increase further. National property price increases of 5% are expected, according to the latest Daft.ie and MyHome.ie reports.

For your FREE, no obligation, valuation in the South Wicklow and North Wexford area, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at kinsellaestates.ie. We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.  Alternatively, email me directly on michael@kinsellaestates.ie or telephone: +353 53 94 21718

There is no crisis without opportunity; sometimes it can be difficult for most people to spot the opportunity but you can be sure that it exists, hidden from plain sight, just waiting to be exploited by the right person.

In fact, the ancient Greek word ‘crisis‘ also translates into ‘opportunity’. 

We saw this in the Irish property market back in 2011/2012, when foreign funds and investors started to buy up chunks of undeveloped land nationwide or entire blocks of unfinished apartments.  Our crisis opened up an opportunity for cash-rich investors who were willing to take a risk that things would improve which, of course, they did – eventually.

So, looking at the marketplace today, savvy investors will no doubt be trying to spot the hidden opportunities in our most recent crisis – our private rental sector.  Earlier this week, on foot of the latest Daft.ie report on the sector, news headlines screamed that we now have fewer available rental properties in Ireland than ever before in recorded history.  And this is not just a Dublin problem, this is happening right across the country.  Here in the South East, quality rentals, particularly houses, are at an all-time low. 

We know that the answer is to build more houses and apartments, we know that developers are trying to do just that, but here is the situation – even if developers’ funding and planning permissions are in place, it is still going to take 18 to 24 months to see any significant delivery.  In reality, it is probably going to be three to four years or more before we see completed developments released to the market in South Wicklow and North Wexford in any real scale.  This means that we are not likely to see much relief to the rental market crisis for some time yet.

If this crisis is set to continue, and it certainly looks that way for the moment, then we need investors looking to the opportunities hidden within the crisis.  We need private landlords back in the market, despite them being hit with burdensome taxes and compliance issues, we need more accommodation right now than the State can reasonably provide. 

One positive step forward is the reclamation of mortgage interest paid by landlords as a legitimate expense – this is happening slowly over successive annual budgets but at least it is happening.

While increased taxes, reduced tax reliefs, onerous RTB and legislation compliance – not to mention rising property prices and low available stock – all make one-off residential investment much less attractive than it might have been a decade ago, we know that rental returns are exceptionally strong at the moment is this is set to continue for the next few years.

Here at Kinsella Estates, we understand that investor finance is more difficult to come by and certainly, margins are much tighter than ever before; however, we also know that affordable houses and apartments can yield annual returns of up to 10%.  For a cash investor, we know that this makes sense.

At the moment we are listing a few of the last remaining homes in County Wicklow for under €100,000.  While some need some upgrading work, others are ready-to-go, high-yielding  investments. 

For example, one of our superb houses in South Wickow, 25 Coollattin Road, Carnew offers unbelievable value at €99,000 for a spacious, four-bedroom house and garden within walking distance of the town, local school and shops.

25 Coollattin Road, Carnew, County Wicklow:

If you are considering selling in the South Wicklow and North Wexford areas, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at kinsellaestates.ie.  We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.

 Alternatively, email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718       

Congratulations to Wexford builder, Anthony Neville, of Anthony Neville Homes, on his recent appointment as Chairman of the Irish Home Builders Association (IHBA) for 2017 and 2018.

It is great to see a provincial builder at the helm, particularly at such an important time for residential building.   He has pledged to address the main issues hindering new development outside of Dublin, namely, the high cost of building, and he is optimistic about development prospects here in the South East.  Shortly after his appointment, he had the following to say:

“We have seen in some areas of provincial Ireland that house building has recommenced again. This is only in areas where the sales price of houses has exceeded the construction costs, therefore creating a margin that makes it viable for the homebuilders to secure finance from their financial institutions and build much required homes.  We, at Anthony Neville Homes, have been lucky over the last number of years to have had exposure to the greater Dublin area on our sites in Maynooth, Kinsealy and Saggart, where we have seen continuous demand for our product. However, over the last 12 months we have noticed the increase in demand spreading down through Wicklow to our site at Baltinglass and hopefully we will be recommencing construction at one of our Enniscorthy sites in Co. Wexford. Members of the IHBA have experienced increased demand in places such as Gorey, Kilkenny, Portlaoise and Tullamore, so whilst the recovery is taking a lot longer than we had hoped, it is spreading gradually further away from Dublin.”

Help-to-Buy under threat

Anthony is also a strong supporter of the help-to-buy(HTB)  scheme and has spoken out about the need to retain the initiative after news last week that the aid scheme for first-time buyers might be shut down.   This is certainly positive for first-time buyers who are eligible for the scheme but perhaps not for those who have worked outside of Ireland for the last few years and are finding themselves at a disadvantage when it comes to bidding on property back in Ireland.  The application of the tax relief means that eligible first-time buyers can outbid non-eligible buyers (of equal financial status) for the same property but it only applies to new homes.

In fact, buyers  who are not entitled to avail of the HTB relief are much better off looking at contemporary or recently built second-hand homes.  This offers a good opportunity for sellers and those thinking of selling in 2017.  If you are considering selling and want to know a bit more about your market and about demand for your particular property locally, just contact us for a quick and confidential chat.

The M11 motorway has made towns like Arklow and Gorey much more attractive to buyers.  Here at Kinsella Estates, we are currently listing a great three-bed semi-detached house in Arklow, just five minutes off the M11 motorway and less than 40 minutes from Dublin.

Link to further details here:

84 The Avenue, Meadowvale, Arklow, County Wicklow

This beautiful property is presented in showhouse condition.  Call us now to arrange a viewing on +353 53 9421718.  Also, don’t forget that we accommodate house-hunters and buyers from outside of Ireland and can do a virtual walkthrough of this or any of our other listed properties.  If you need extra help, just ask!

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 michael@kinsellaestates.ie or telephone : +353 53 94 21718       

Every few months,  the team here at Kinsella Estates bring you the round up of property statistics and trends from the previous quarter but this week we have even bigger news.  The Central Statistics Office , or CSO, have released a special housing report, based on the latest census figures.  This is a big deal as it offers an insight into the market and key measurements  that we only get once every five years and for those who have been watching the market over the last five years, you will know that there have been lots of changes – good and bad.  This is the first such report since the market started to recover in 2012 and it definitely going to cause a bit of trouble as it contradicts new housing supply numbers released earlier this year by the Department of Housing.

The report covers total housing stock levels, new builds completed and the changing patterns of renting, for example, the trend towards older people renting rather than owning their own home. One Irish Times journalist described it as “a picture of everything we wanted to know about the Irish housing crisis but were too afraid to ask”.

Looking at the 12 months up to March  this year, we can see that the overall residential market is  up almost 11%.  Broken down, this translates into increases in the capital of just over 8% while areas – particularly in the west of the country, which was well behind the recovery we have seen here in the south east – have seen house price growth of up to 20% in the last year.  In general, the property market in Ireland  is still about 30% below peak levels last seen in 2007.

In terms of volume, the total number of  homes purchased over the last year (February 2016 to February 2017)  is 37,294.  What is interesting to note is the breakdown by buyer type; only a quarter of all buyers were first-time buyers and less than a quarter were investors or non owner-occupiers.  This means that homebuyers trading up and down, and those buying holiday homes, represent the driving force within the market.  People might be surprised to learn that the average home price in Dublin is now €398,319 and it is difficult to believe that that could have been achieved without the relaxing of the Central Bank lending rules last year and the introduction  of the controversial Help-to-Buy scheme. The average price paid for a  home nationwide is currently €245,165.  In County Wicklow, house prices are the highest outside of Dublin, with an average sale price achieved of €313,023.  Take a look at the image above (figure 3.1) for an indication of where real progress has been felt and where the recovery has effectively bypassed.

Outlook

While it is not good news for house-hunters, property prices are set to increase by double digits again this year.  In fact, Davy Stockbrokers said that 10% is a conservative estimate of future growth this year and the real figure might be much higher.  This will come as a great relief to sellers and homeowners currently caught in the negative equity trap but it raises the ugly question: Is double digit growth sustainable without significant development and can buyers truly depend on new supply coming into the market?  Unfortunately, there is no single answer to this but as the new homes specialists in counties Wicklow and Wexford, Kinsella Estates are in a good position to help would-be buyers identify new developments coming up locally over the next 18-24 months.

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 a viewing on our qualifying new builds.

What will the Government’s rural action plan mean for sellers in South Wicklow and rural Wexford?

Last month, An Taoiseach, Enda Kenny launched the Government’s rural action plan ‘Realising our Rural Potential: The Action Plan for Rural Development’.   This comes after a comprehensive action plan for housing and a longer term housing strategy looking forward Ireland in 2040.  That’s a lot of plans!    But what do all these plans actually mean, in real terms, if you are thinking of buying or selling a home or investment in rural Ireland over the next few years?

First things first, it has to be said that this is not just a Fine Fail/Fine Gael plan, it has the support of opposition members too, which should mean that it will live beyond the lifetime of the current government – in theory.  From the input sought across a range of voluntary bodies and organisations, and the general public, there is clearly the intention to deliver real change for people living and working – or seeking work – in rural Ireland.

The ideas behind the plan are solid; there is a general recognition that there is a massive amount of potential locked away in rural areas.  I see this myself in market towns across South Wicklow and County Wexford – there are highly skilled, motivated people who are unemployed or underemployed locally.  Also, through my work, I meet people who want to return to their home towns but cannot do this until quality employment becomes available.  And it’s not just down to employment; we have to look at the homes available, or the land that needs to be made available for development.  I understand that many rural areas, particular in the West and Midlands, are plagued by ghost housing estates that no-one wants to live in, however, here in the Southeast; there is returning demand for available new homes.  Local issues for us are more likely to be the derelict homes (with or without existing septic tanks on site) that buyers would be interested in if we could make them affordable and accessible.

The rural action plan aims to integrate existing frameworks of supports and to create new ones with the objective of increasing employment opportunities and access to public services in rural areas to increase the overall quality of life for people.

The plan involves co-ordinating and implementing a huge range of initiatives – there are 276 actions proposed – all to enhance the ‘economic and social fabric’ of rural Ireland.  These initiatives focus on rural enterprise, tourism, culture, creativity and improving infrastructure and connectivity.  It still sounds a bit vague, doesn’t it?

Here are the specifics:

• 135,000 new jobs to be created by 2020
• Increasing Foreign Direct Investment by 40% in regional areas
• Rejuvenation of 600 rural towns
• Pilot scheme to encourage town and village-centre living
• 12% targeted increase of rural tourism
• Acceleration of high-speed broadband in rural areas
• Protection of vital services (like GPs) in small towns
• 3,200 new Garda members and community CCTV

What this means for owners of vacant, boarded up commercial properties is that it might just be time to start taking the boarding down.  With grants and schemes coming on-stream to support local enterprise, vacant retail and office units will be in demand once more.  The Housing Department are currently looking at rolling out a rates alleviate scheme, which would be great for commercial landlords and tenants, but we do not yet have any details.

Of interest to owners of vacant – even derelict – residential properties, renovation grants are now available to restore properties in rural communities.  This will attract home buyers, particular returning emigrants, back to their home towns.  They can apply for a cash grant, not a tax rebate, of approximately €20,000 to purchase and renovate homes in villages and small towns.  Uniquely, this scheme will be available to all home buyers, not just first-time buyers.  It is particularly aimed at old people living alone in isolated areas, it is hoped that many will accept the benefit of this incentive and refurbish town and village-centre houses.  This makes absolute sense for most people, allowing them to feel safer and more included within the everyday activities of the community.

Also, investors might be interested to learn of the Buy & Renewal Initiative, which allows local authorities and approved housing bodies to purchase buildings in need of refurbishment for the purpose of social housing.  This will come as a timely opportunity for accidental investors, who might have inherited property but have been waiting to off-load it.

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 a viewing on our qualifying new builds.

Originally published in the Gorey Guardian, December 10, 2016.

The busy construction team at Gleann an Ghairdin, the new estate being built on the Ballytegan Road, Gorey, recently hosted a group of fifth year construction studies students from Gorey Community School.

Accompanied by their teacher, Pat Hegarty, the 20 students were given a full tour of the site which is being developed by local builders Wexford Low Energy Homes. The development is made up of three-bedroom semi-detached and detached A-rated houses.

The students were shown around the site by selling agent, Michael Kinsella of Kinsella Estates and Nicky Morrissey from Wexford Low Energy Homes. They were shown houses at different stages of construction and saw foundations being poured, inspected houses being roofed, and viewed those being prepared for plumbing and electrical fittings.

Finally, the students became the first Gorey residents to look inside the showhouse on site before it opens to the public next week.

As construction was ongoing while the group was on site, safety was paramount and the students were kitted out with safety gear and got a practical lesson in safe on-site behaviour.

Foreman Nicky answered questions on every aspect of the build. The specialist low-energy home builders are using technology that the students would only have read about.

‘They were really engaged,’ said Michael Kinsella. ‘Many had never seen the inside of a building in progress. A site visit like this opens their eyes to new technologies and new ways of building for the future.’

This site visit comes at a time when the construction industry is struggling to fill jobs at all skill levels and is actively trying to promote the apprenticeship route for future tradespeople and construction-related third level courses for those who are college and university-bound.

‘It was excellent. I was really impressed with Nicky,’ said teacher Pat Hegarty. ‘The class had prepared questions for afterwards but he answered all of their questions during the tour.’

The showhouse will open for viewings on Saturday, December 10, from 1.30 p.m. to 3 p.m. See kinsellaestates.ie for more.

Kinsella Estates had the privillage of bringing 48.48 acres of prime holding at Ballybuckley, Bree, Enniscorthy, Co. Wexford under the hammer last week.

The land is located less than 1km from Bree and 5.1km from Enniscorthy, across from Wilton House, with 0.3km of road frontage.  Given the high quality of the land, and its suitability to any farming enterprise, a high level of demand was expected.

The auction, which took place at the Riverside Hotel in Enniscorthy last Friday December 16th, was widely marketed beforehand and it was certainly well attended.  The lands were offered in one or two lots in advance of the auction but intensive, competitive bidding on the day ensured that the entire holding went in one lot.

The bidding opened at €350,000 and strong interest in the room meant we received no fewer than 64 bids!

Kinsella Estates auctioneer Michael Kehoe decreed the land to be sold to the highest bid at €662,000,which is over €13,500 per acre.  It was a great result for the seller and for the stellar Kinsella Estates team this close to the holidays.

It takes strong local knowledge, market expertise and relationships within the community to sell agricultural lands – this is where Kinsella Estates can help you.  We understand the market and know the value of land and property locally, more importantly, our marketing expertise will attract the right buyers in order to achieve the best price for you.

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 a viewing.

Last chance to buy in the current phase

With the supply of new homes running low across the South East, it won’t surprise local house-hunters to see that only one house remains available in the current phase of Riverchapel Wood.
6 The Parade, Riverchapel Wood is situated within walking distance of the scenic Courtown Harbour and many leisure attractions. This developement has proven popular with both homebuyers and investors, with returns almost as attractive as the views!

Number 6 is a spacious three-bedroom semi-detached house in excellent condition throughout, with a bay window and double doors leading onto the rear garden;  Asking price €137,000.

For more details on the property, check out the listing on :- http://www.daft.ie/wexford/houses-for-sale/courtown/6-the-parade-riverchapel-wood-riverchapel-courtown-wexford-1354836/

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 a viewing.

Here at Kinsella Estates we love what we do and the best part of our day is when we hand new buyers the keys to their dream home!

“Thank you for all work in getting us the keys to our new home.

Michael was very professional and always went above and beyond for us always 

The staff in the office were brilliant and always got back to us.

We would highly recommend Kinsella Estates to anyone buying a new or second home.”

Earlier this week someone asked me about ‘the selling season’ and I had to stop for a moment and think about it.  Certainly, there used to be a traditional selling season at the start of Spring but over the past decade this has definitely fallen away.

At the moment we are still effectively in recovery mode; while it is true the marketplace has improved and we are seeing a greater number of transactions, there is still a bit of uncertainly about.  Of course, reading newspaper reports about the Dublin market when you are trying to sell in rural Wicklow, Carlow or Wexford doesn’t help matters!

  There are lots of myths about when is the best time to sell but the truth is usually simpler; the best time is when the seller is ready.  Of course it’s great if supply and demand coincide but this is not always practical, or even likely.  Transactions happen throughout the year.  It’s certainly true that Spring is a popular time to sell as the days are getting longer, gardens are in bloom and people are generally around, without the interruptions of summer holidays and the distraction of Christmas.  But does that mean you should wait until after Christmas to put your home or investment property on the market?  Not necessarily.

Over the chaos of the past decade, savvy buyers have realised that Winter can be a great time to go house-hunting for many reasons.  Firstly, there are fewer competing buyers, secondly, there is a perception that sellers are eager to sell and therefore open to potential discounts.  Both of these reasons sound bad for sellers but perhaps not.  The truth is, if you need to sell your property this side Christmas, it might financially make sense to price it keenly.  If not, you are still assured that there will be fewer time-wasters turning up at this time of the year so while the number of would-be buyers viewing your property might be less than at other times, the quality and intention of those buyers who visit is likely to be stronger.   In fact, buyers tend to find the run up to Christmas quite frustrating as sometimes even active sellers with active property listings don’t allow viewing to take place over the festive season.  This is never a good idea.  Once your property is on the market, it needs to be accessible to finance-ready viewers.

So, my answer to ‘the selling season’ question is simple, sell when you are ready.  Trying to time the market will backfire if it’s not the right time for you and your family.  But if now is the right time, talk to the team here at Kinsella Estates and we will help get you and your property ready without delay.

With less than two months to go before the end of the year, it is certainly possible to attract a buyer although getting the conveyancing through this side of Christmas might be a challenge.  For many buyers and sellers at this time of the year, it is enough to reach agreement and sign Contracts for Sale so that both parties know their plans coming into the New Year.  So, if you are looking to bring your home to the market this side of Christmas, it will necessary to be prepared; let your conveyancing solicitor know to take up title deeds and prepare contracts straight away; have your home and garden looking its very best and, most importantly, be ready to accommodate viewings as soon as the property is listed.

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 . 

You can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718