08 December 2015
By Michael Kinsella, auctioneer with kinsellaestates.ie
Christmas may well be the season of selling but this has traditionally been restricted to reindeer jumpers and festive bath salts, certainly not property! But is this still the case? Over the past decade, our property market has been up and down and is just about levelling out now. If the last few years have taught us anything, it is that seasonality is a luxury for functioning markets and in Ireland, we are not quite there yet.
The run up to last Christmas was uncharacteristically busy due to the ending of the CGT waiver period (when properties that were purchased between specified dates and subsequently held their investment properties for a period no less than seven years could benefit by way of an exemption from Capital Gains Tax). This limited Revenue initiative encouraged new investors, drove existing demand and effectively focused the buying power of investors in the marketplace. It was not a happy time for owner-occupiers struggling to compete for their new home. It is also one of the most likely reasons for the slow-down in transactions throughout 2015.
With the New Year just around the corner, have sellers left it too late to sell or sale-agree their homes or investment properties in 2015? The good news is that the property season now continues, right through the jolly season. Here at Kinsella Estates, like every Christmas, we will be taking phone calls and dealing with emails throughout the holidays. In fact, we know from experience that this is a busy time, particularly with returning ex-pats who use the Christmas holidays as a time of house-hunting and research (in between rounds of visiting and mince-pie eating of course!). This year will be no exception. With the strength of the sterling against the euro, interest from UK buyers is already growing. Many of these UK buyers are Irish emigrants or they have Irish roots and are looking to return home or to pick up a bargain holiday home for personal use. The sunny South East has always been one of the destinations favoured by these buyers.
So what are the pros and cons of selling at Christmas?
So, if you make the decision to bring your home to the market this side of Christmas and to keep viewings going over the holiday period, here are a few helpful tips:
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