Thursday 29 September 2016

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Cork County North: 15pc rise as slickers look north for value

Published 23/01/2016 | 02:30

Fiddane, Mallow, Co Cork. Sold for €323,000.
Fiddane, Mallow, Co Cork. Sold for €323,000.

With prices now on the up in Cork City, many residents are spreading out into the North County area in search of more affordable property and better value.

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It meant that values surged by 15pc through the last 12 months, on top of a 15pc increase the previous year.

John Singleton of Sherry FitzGerald O'Donovan in Mallow doesn't expect the steam to run out any time soon with a 7pc hike forecast for 2017.

"The market in general has seen a big upturn and I think the two factors that had the biggest impact in this were the availability of finance for buyers, and the lack of new builds, which have combined to drive up second-hand house prices."

Singleton finds that people are starting to leave Cork City in search of value as prices there exceed affordability levels for many young couples. "In 2014, Cork City was exceptionally busy, but last year we saw city-based buyers starting to come out to more affordable places like Mallow and Fermoy."

This has been a great turnaround for the more rural places that have been really struggling and regional towns have really benefitted from the price increases in the city.

The key factor going into 2016, will be supply, according to Singleton. "There's a serious lack of housing in Mallow and Cork in general. This will only result in prices being pushed up in the short-term. Unfortunately, prices still aren't strong enough to encourage developers to start building again."

With the positive growth that North Cork has seen over the past 12 months, Singelton is adamant that buyer confidence will remain and that prices will continue to rise. A prediction of 7pc is given for the year ahead. However, Singleton is concerned about the shortage of supply going into 2017, with little or no new builds coming to the market.

Irish Independent

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