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How much is your house worth? Location matters less as pandemic turned property market on its head

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The pandemic has flipped the property market on its head, sending rural house prices soaring at levels not seen since the boom.

Remote working and the dream of living in the countryside has driven thousands of workers to seek homes in counties outside the main commuter belts.

The Irish Independent’s How Much Is Your House Worth? 2022 demonstrates how a surge in competition for a small pool of property has had a huge impact on prices.

Our in-depth study of 64 local property markets shows the effects of the great remote working exodus on each county. It pinpoints how much this exodus has sent regional property values soaring.

In most locations, it was only certain types of properties that were affected. But the values of these homes rocketed.

Our survey shows spectacular price hikes like these in some parts of the country:

  • Three-bed semi-detached houses in Roscommon up 33pc;
  • Three-bed semis in north Tipperary up 26pc;
  • Rural bungalows in Galway up 36pc;
  • Rural bungalows in Leitrim up 20pc;
  • Rural bungalows in Limerick up 25pc.

All local experts attribute these price rises to natives moving home, along with other non-local city dwellers relocating to avail of the value and lifestyle improvement enabled by the freedom of remote working.

Native Dubliners have also joined the exodus, sending prices surging in their long-favoured weekend break locations along the east coast. North Wicklow prices are up 15pc, South Wicklow is up 19pc and Wexford prices rose 18pc, some of the highest hikes nationwide.

We can also see that price inflation has cooled in Dublin only in those locations popular with renters and rural-born buyers of smaller homes.

It suggests that most of the remote working movers either previously rented in the city, or were owners of smaller homes in those favoured central locations.

.This new reality has blown the lid off the longest-held tenets about what happens in Ireland’s property market, most obviously that old chestnut: location, location, location.

How Much Is Your House Worth? 2022 also highlights the downside for the regions from this sudden wave of relocating buyers. One consequence was bidding wars not seen since the Celtic Tiger boom.

The good news, however, is that this pronounced regional price trend is likely to be temporary. There is a limit to how many people can or are prepared to relocate and our experts predict less heated price rises in 2022 because a lot of new home schemes are on the way in rural locations, based on fast-track planning permissions already lodged.

It means most agents forecast a softening of inflation this year based on that extra supply kicking in.

How Much Is Your House Worth? 2022 is an opinion-based survey built on the local experts’ professional and informed opinions of what an average version of each type of property listed will sell for today.

You can use the price guide not only to value your own home but properties all over Ireland.


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