Wednesday 26 June 2019

Cavan: Steady rise of 7pc in store for Cavan

Kevit Castle, Crossdoney, Co Cavan was sold in October for €360k by Property Partners Quinnbuilds
Kevit Castle, Crossdoney, Co Cavan was sold in October for €360k by Property Partners Quinnbuilds

First-time buyers have been very active in Cavan in the last 12 months, but their buying habits have changed, according to local agent Declan Woods of Sherry FitzGerald Declan Woods.

"We're seeing an older first-time buyer who is coming into the market at a different time in their lives. They're not looking to see what it will sell on for, it's a home for life," says Woods.

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"When they see a three-bed semi, which still represents great value, they think that they're going to have to move again if they have a family so are happy to skip that stepping stone."

This means that there has been a strong demand for detached houses in the county which currently have a value of €235,000 for a four-bed or €300,000 for a five-bed, up 9pc from last year.

The cry out for property wasn't as strong as last year however, because supply improved and there was less panic.

Woods says that not all sales were to locals either last year. "Eastern Europeans have been buying a lot," he says. "They're not address driven and are looking at value, not a place that always had a good name. They're making lovely communities and improving the smaller towns.

"Then there is the Asian market from those working in the nursing homes and hospitals, who are buying a lot of detached houses."

Sales have been strongest in Virginia, which commands the highest prices because it is a fine commutable base for the Dublin worker, who is willing to take on the hour-long commute on the M3.

Woods believes the coming year will be much the same and predicts a steady rise of 7pc on house values across the county.

Irish Independent

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