Sunday 23 July 2017

Price Guide: Cavan

Lough Oughter, Co Cavan
Lough Oughter, Co Cavan

Some of the keenest prices in the country can be found in Co Cavan, where both new and second- hand three-bedroom semi-detached homes are cheaper than anywhere else, while two-bedroom apartments are third cheapest.

New homes in the county now average €183,600, having fallen by an estimated €54,000 since last April, reflecting an overall decline of 52pc from peak values. New apartments there have fallen by nearly two-thirds of their peak value. But the sharpest Cavan fall during the past four months was seen in new five-bedroom detached houses, which are now estimated to average €227,500 — a drop of 59pc from peak values. Second-hand homes did not fall quite as much as new homes, with the average price now standing at €191,200, down 17pc from last April and 43pc from peak levels.

Oddly enough, the figures suggest that the average price of a second-hand four-bedroom semi-detached house increased by 19pc in the past four months, although this is probably a result of the April figure being an underestimate and not a consequence of an upward trend in recent months.

Agents report no real improvement in sales activity since April, stating that some properties require between 20 and 30 viewings before even getting an offer. One agent estimated that it can take up to six months to get a property sale agreed.

There would appear to be an oversupply of apartments, and townhouses to a lesser extent. The local market has also been adversely affected by significant job losses in the area, most notably at Quinn Insurance Group.

Nevertheless, viewing levels have improved since the beginning of the year, and, with prices now believed to be bottoming out, people are beginning to see value for money in the market.

While agents are not expecting things to change much over the next six months, there is a hope that sales activity will show some improvement by this time next year. But as one agent pointed out, this will really depend on the banks and increased availability of mortgage finance.

New One-Bedroom Apartment

August 2010: €65,000

April 2010: €75,000

Peak Price: €200,000

Change Aug v Apr: –13pc

Change Aug 2010 v Peak: – 68pc

Second-hand One-Bedroom Apartment

August 2010: €57,500

April 2010: €75,000

Peak Price: €125,000

Change Aug v Apr: – 23pc

Change Aug 2010 v Peak: – 54pc

New Two-Bedroom Apartment

August 2010: €80,000

April 2010: €90,000

Peak Price: €245,000

Change Aug v Apr: – 11pc

Change Aug 2010 v Peak: – 67pc

Second-hand Two-Bedroom Apartment

August 2010: €72,500

April 2010: €80,000

Peak Price: €200,000

Change Aug v Apr: – 9pc

Change Aug 2010 v Peak: – 64pc

New Two-Bedroom Townhouse

August 2010: €80,000

April 2010: n.a.

Peak Price: n.a.

Change Aug v Apr: n.a.

Change Aug 2010 v Peak: n.a.

Second-hand Two-Bedroom Townhouse

August 2010: €70,000

April 2010: n.a.

Peak Price: n.a.

Change Aug v Apr: n.a.

Change Aug 2010 v Peak: n.a.

New Three-Bedroom Townhouse

August 2010: €95,000

April 2010: €120,000

Peak Price: €205,000

Change Aug v Apr: – 21pc

Change Aug 2010 v Peak: – 54pc

Second-hand Three-Bedroom Townhouse

August 2010: €87,500

April 2010: €105,000

Peak Price: €200,000

Change Aug v Apr: – 17pc

Change Aug 2010 v Peak: – 56pc

New Three-Bedroom Semi-d

August 2010: €105,000

April 2010: €137,000

Peak Price: €215,000

Change Aug v Apr: – 23pc

Change Aug 2010 v Peak: – 51pc

Second-hand Three-Bedroom Semi-d

August 2010: €102,500

April 2010: €110,000

Peak Price: €188,000

Change Aug v Apr: – 7pc

Change Aug 2010 v Peak: – 45pc

New Four-Bedroom Semi-d

August 2010: €140,000

April 2010: €157,000

Peak Price: €287,000

Change Aug v Apr: – 11pc

Change Aug 2010 v Peak: – 51pc

Second-hand Four-Bedroom Semi-d

August 2010: €152,500

April 2010: €128,000

Peak Price: €213,000

Change Aug v Apr: 19pc

Change Aug 2010 v Peak: – 28pc

New Four-Bedroom Detached

August 2010: €212,500

April 2010: €210,000

Peak Price: €343,000

Change Aug v Apr: 1pc

Change Aug 2010 v Peak: – 38pc

Second-hand Four-Bedroom Detached

August 2010: €220,000

April 2010: €225,000

Peak Price: €305,000

Change Aug v Apr: – 2pc

Change Aug 2010 v Peak: – 28pc

New Five-Bedroom Detached

August 2010: €227,500

April 2010: €350,000

Peak Price: €550,000

Change Aug v Apr: – 35pc

Change Aug 2010 v Peak: – 59pc

Second-hand Five-Bedroom Detached

August 2010: €235,000

April 2010: €325,000

Peak Price: €475,000

Change Aug v Apr: – 28pc

Change Aug 2010 v Peak: – 51pc

Irish Independent

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