Sunday 17 December 2017

Kilkenny: Sparkle returns to Marble

Burnchurch House, Bennettsbridge, Co Kilkenny. Sold for €980,000.
Burnchurch House, Bennettsbridge, Co Kilkenny. Sold for €980,000.

An excellent year for tourism brought that bit of extra economic sparkle to Kilkenny with the last 12 months seeing property prices lift by around 6pc - a rate comparable to the previous year's hike of 7pc.

All areas are in demand in the county capital - Ireland's smallest city where the 300-degree ring road ensures that just about everywhere is five minutes from the centre. Peter McCreery, of Sherry FitzGerald McCreery, says the problem now is that there is a serious shortage of stock in the market place.

"There's only one new housing scheme under development in the city, as we speak. There are nine houses in the development and four are already sold."

There's zoned land for other developments but a big question hangs over whether there is bank finance available to developers to get working on them. McCreery thinks this lack of development is a huge problem for the small city.

"This year we'll see that the shortage of stock will bring further increases in values," says McCreery. "And these shortages exist right across the board. The three-bed semi and starter homes are still the most popular for families but there's also a certain amount of downsizing taking place as well, which puts even more pressure on that sector."

There is still movement in the market in the county and an increase of 5pc is predicted for the coming year.

Irish Independent

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