Property prices throughout the county of Wicklow remain high despite a slight slow-down in the number of transactions in the latter half of 2015. Overall transaction figures for the county last year are 1,362 and this is slight increase on 2014, which saw 1,338 transactions. Given that the volume of sales and purchases prior to 2013 was below 1,000, the last two years have actually been the busiest time in the Wicklow property market since the crash.
So what does that mean for would-be buyers and sellers in 2016?
Lack of stock is definitely the biggest challenge facing buyers, so that should be good news for sellers intending to bring their property to the market this year. Headlines in the media reported a fall in the level of transactions over the previous six months – in fact, Wicklow was the only county in Leinster to record a drop in the number of people buying – but this can be attributed to the falling number of houses and apartments on the market and the lack of new housing development.
At the moment, there are approximately 750 residential properties on the market throughout the entire county of Wicklow. However, just over 500 of these are houses – which homebuyers tend to favour – and a mere 150 of these are within the national average price for a home-owner. This is not good news for first-time buyers or for buyers trading up with an average budget.
It will come as no surprise that Wicklow is two very distinct markets, north and south. Housing is more plentiful, and certainly more affordable, in the south. House-price recovery was slower in the south but prices here have started to increase as stock level continue to fall.
The level of new development throughout the county is still low. As of January 2016, there are less than 20 new homes available and these are spread among a handful of smaller developments. It would certainly be a wise move for intending buyers to have a look at the local authority planning applications, and more importantly, have a look for commencement notices to see what new developments are planned and in progress.
All of this information is available through the Wicklow County Council website and buyers can contact Kinsella Estates for help understanding what all of the information means in relation to finding the right home!
For anyone thinking of selling, 2016 will be a particularly good time to bring a house or apartment to market as there is still strong, consistent demand from buyers, and very little competition from other sellers. In any market, the best presented and correctly-priced homes will sell first. The key is to attract buyers – the right buyers – from the moment the house hits the market. This means preparing in advance. Gone are the days when you can ‘test the waters’ by bringing your home to the market at the wrong price or in a poor state of presentation. Every fixer-uppers need to be presented to potential buyers in a way that helps them envisage actually living in the property and making it their home.
This is certainly something that the team here at Kinsella Estates can help you with prior to marketing your home. If you are thinking of buying or selling in Wicklow or surrounding areas in 2016, talk to us for independent, expert advice.
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 Wednesday, January 27, 2016 in News