Thursday 21 March 2019

Meath: Values in Meath not expected to change in 2019

Teviot Grove, Dunboyne, Co Meath was sold by Sherry Fitz Sherry in April for €900k
Teviot Grove, Dunboyne, Co Meath was sold by Sherry Fitz Sherry in April for €900k

After a few years of sharp rises in property values in Co Meath, things are starting to slow down. The last 12 months have seen an average increase of 8pc, but local agent Jane Monaghan of REA T&J Gavigan says she can't see prices rising again this year.

Dublin buyers, who are priced out of the city, make up about 40pc of the market in Meath. They buy into places like Ashbourne, Ratoath, Dunshaughlin and Navan. New developments in these towns means that there is now enough stock to meet demand, so prices won't keep rising.

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The commute in and out of the city takes about an hour to Dunshaughlin on the M3, or an hour and a quarter to Navan. Dublin buyers are willing to take this on if it means they can have a detached, four-bed family home for €350,000.

The three-bed semi in town is still the most popular house type has seen its price go up by 4pc to €240,000. A new build would cost about €300,000 and it's a new model with high insulation that first-time buyers are after. Ms Monaghan says A-rating has become a big thing for first-timers.

She also notes that the Help-To-Buy scheme, where buyers of new homes can get a tax rebate of up to €20,000 to help with their deposit, is really working to get people on to the property ladder. They were really struggling prior to its availability.

The property type that has seen the biggest value rise over the last 12 months is the one-bed apartment, going from €90,000 to €110,000 - a jump of 22pc. In complete contrast the detached 2,000sq ft only went up just 1pc in value, from €335,000 to €340,000.

There have been some strong sales at the high end of the market too, like Netterville Manor in Dowth, which sold for €1.95m, or the Log House in Kilmessan, a five-bed detached house which sold for €995,000.

Although the market in the county looks stable now, Ms Monaghan fears that Brexit could have an impact this year and hit local industries. Any potential buyers in Northern Ireland who may have wanted a home in the south, aren't going to buy until they know for sure that it won't prove be a bad investment in the long-term.

Irish Independent

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