Cork County North: Two-bed cottages to jump in value
One of the factors contributing to house price rises in north county Cork is the continued arrival of workers from Cork City who have been priced out of that market.
John Singleton of Sherry FitzGerald O'Donovan in Mallow says that people are now happy to come out about 20 miles from the city and commute from there.
This year will see the first new builds in eight years taking place in Mallow, which will be welcomed because it is suffering from a severe lack of stock.
The Clonmore scheme is a resurrected development which was put on ice after the crash and it will provide a mixture of detached and semi- detached houses.
Clonmore was around a third of the way through when bad times hit. The same builders have now gone back to finish the job.
There are also some small developers buying up pockets of land in north Cork with the hope to start to build on them some time this year, when our local assessor believes that builders should see a return to plausible margins.
As a rule of thumb, the smaller and more affordable the property, the more likely it is to have increased in value. Prices are up 9pc overall but two-bed cottages are up 18pc, while at the higher end of the market, the detached 2,000sq ft house type has seen its value remain static, with an average price of €490,000.
Singleton says he expects prices to push on again in 2017, predicting an increase of 8pc. He thinks two-bed cottages and ex-Corporation houses will increase the most in value, as they are coming up from such a low base.