Saturday 24 March 2018

Meath: Four-bed detached houses jump 13pc

Delvin Farmhouse, Gormanstown, went for €490,000 last July
Delvin Farmhouse, Gormanstown, went for €490,000 last July

Prices are up 5pc in Meath in the year to date, with some house types performing better than others. The price of an average three-bed semi went from €180,000 in January 2016 to €190,000 this month. Four-bed detached houses saw bigger rises of 13pc, with a 2016 price of €260,000 and a price today of €295,000.

Jane Monaghan of the T&J Gavigan agency says that last year wasn't as busy as they hoped and that supply is now a major issue for the county.

"Thankfully, now there are a few new builds going on around Meath, which is great because first-time buyers always like to buy new," says Monaghan. "There's a new development in Ashbourne called Churchfields which we launched last October that is going very well. A few things are starting in Navan too, which will be a much-needed boost for the town."

The rental market has been squeezed too because of lack of supply and it has become very difficult for anyone to get a place to rent in Navan, with rents going through the roof for good-quality lets.

However, there are still a lot of receiver sales going on at the moment and these sales generally take longer to close. Monaghan has seen people having to renew their mortgage approval because it has expired during the slow closing process.

New builds and new rules should make 2017 an easier year for the property market in the county. "With the changes in the mortgage rules and the relief for first-time buyers, we're hoping to move forward and have a year of steady sales," says Monaghan.

Despite predictions of better activity, Monaghan is predicting a modest growth of 6pc in prices in 2017, with the one-bed apartments and terraced houses seeing the biggest jumps out of all categories.

Irish Independent

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