Thursday 29 June 2017

Mayo: Will Trump impact on sale increase?

2 Brackloon Wood, Westport, sold for €400,000
2 Brackloon Wood, Westport, sold for €400,000

House prices are up across Mayo by 10pc, driven by the big towns. High employment in Ballina from big-name companies like Ballina Beverages and Hollister has resulted in a buoyant property-sales and rental market for the town.

"Although there are still no new developments beginning any time soon, it is a lot busier than in previous years, and anything that has come up for sale has sold quickly," says Karl Fox of Fox & Gallagher.

Supply has not been as bad, however, as in other counties: "We had a steady stream of properties throughout the year. There is always demand from both purchasers and renters who work for the bigger companies. Prices are rising but not to the point where it's profitable for builders to come in, so supply will dry up eventually."

Mayo has a strong tourist industry, so the interest from UK buyers after the Brexit vote last year has gone down. Fox says they still have plenty of enquiries from America though.

"I had an American buyer yesterday who is fuming over Trump," says Fox. "Hopefully, we'll get more Americans over who are feeling the same way!"

In contrast down in Castlebar, Patrick Durcan of Property Partners Durcan is struggling with the lack of supply around the town. "Prices for a three-bed semi in Castlebar are at about €155,000 at the moment but they need to get up to €200,000 before we see any real building in the town," says Durcan. "It will probably be another 12-18 months before we see any movement on this. In the meantime, properties that have been sitting on the market for a couple of years are now being bought up because there is nothing else out there.

"Houses in estates that were proving hard to sell in the past are now being snapped up, particularly by investors because demand for rentals is gone mad."

This year, it is predicted that they'll rise at a slower rate of 7pc, although holiday homes are expected to take a jump of about 17pc, which would take your average Mayo getaway to €154,000 this time next year.

Irish Independent


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