Wednesday 13 December 2017

Wicklow North: No shortage of supply in Greystones

'Merlin', Portland Place, Greystones, was sold for €1.1m
'Merlin', Portland Place, Greystones, was sold for €1.1m

North Wicklow towns are among the few nationwide that haven't been experiencing big supply problems. Gordon Lennox of Sherry FitzGerald in Bray says, "There are fewer units for sale overall in the country but, in our neck of the woods, we were busy across almost all segments."

New builds are not something the area has to worry about, however, with plenty of developments on the go. "We are very lucky when it comes to building," says Lennox. "We're pulling out decent numbers in developments like Marina Village, Thorndale and Seagreen in Greystones. Bray was slightly quieter but we did have a small scheme there that sold in jig time."

Bray and Greystones are still very popular because of the Dart, but many who move further out either drive to the Dart or the Luas in Cherrywood so it's an easy commute into the capital.

"Outside the towns, the segment that has been running into difficulties is big country houses on land. A lot of these bigger properties would have been bought up by expats coming back from the UK, but with the weak sterling they are now 15-20pc less well-off than they were a year ago so are holding off until things stabilise."

Lennox notes that the impact of Brexit has been measurable in Wicklow north, with land prices dropping with the uncertainty over farming exports and fewer young families returning home to educate their children in Ireland

The average rise in north Wicklow in the year to date is 3pc, with apartments seeing the biggest increases. Lennox believes the changes in the mortgage rules and the Help-to-Buy scheme will aid the market in the coming year, and is predicting a modest growth of about 4pc for the next 12 months.

Irish Independent

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