Monday 11 November 2019

Meath: Shortage of semis stirs price surge

Average Price: €175,000
Areas: Navan, Trim, Dunshaughlin, Ashbourne, Slane, Kells, Duleek
Up: + 30%
One Year Forecast: s 15%
Assessing Agent: REA T&J Gavigan, Navan

The price of an average three-bed semi in Navan increased by almost 35pc during 2014.

Michael Gavigan and Jane Monaghan of REA T&J Gavigan point out that not every property type or every location within Meath has seen an increase of this scale, but that prices have increased significantly across the board.

12 The Hawthorns Ashbourne, Co Meath, sold for €470,000 in December 2014
12 The Hawthorns Ashbourne, Co Meath, sold for €470,000 in December 2014

"There's a good bit to go," says Gavigan, who is predicting an increase of at least 15pc in Meath during 2015.

"The problem is," he says, "that there is no supply in key towns like Navan.

Meath
House Types201420152016
3-bed semi in town, €130,000 €175,000 €201,500
3-bed semi out of town, €115,000 €155,000 €178,500
4-bed semi in town, €170,000 €200,000 €230,000
4-bed detached, €220,000 €260,000 €299,000
5-bed detached, €270,000 €310,000 €356,500
3-bed bungalow in town, €220,000 €250,000 €287,500
3-bed bungalow outside town, €160,000 €210,000 €241,500
4-bed bungalow in town, €240,000 €280,000 €322,000
4-bed bungalow outside town, €180,000 €230,000 €264,500
"Det 2,000+ sq ft", €395,000 €475,000 €546,500
1-bed apartment, €55,000 €65,000 €75,000
2-bed apartment, €75,000 €90,000 €103,500
2 up/2 down, €105,000 €125,000 €144,000
3-bed terrace, €115,000 €145,000 €167,000
2-bed cottage, €65,000 €90,000 €103,500
Ex-corp�tion 3-bed, €90,000 €145,000 €167,000

"A three-bed semi is not yet economical to build for developers.

"In Meath the average levy is €15,000 per house, and VAT is 13pc.

NAVAN: Athlumney Castle, a well-built development next to the Loreto Convent in Navan and close to town, is highly sought after - particularly by parents of girls.
NAVAN: Athlumney Castle, a well-built development next to the Loreto Convent in Navan and close to town, is highly sought after - particularly by parents of girls.

"Four bed semis hiked 15pc.

"By the time you factor those in, there's no margin for the developer, it simply doesn't make sense.

"2014 saw a straight line increase from the beginning of the year to the end, whereas 2015 is going to be quirkier.

"I'm forecasting a plateau at the start of the year, as the Central Bank figures out what it's going to do about this 20pc deposit requirement.

"Some common sense is badly needed. What young couple in Dublin would be able to save up that much money in order to put a deposit down? It's mad. I hope it will settle down at around 10pc."

Gavigan sees property outside Dublin starting to catch up with the capital in terms of the percentage increase in values during 2015.

"A rising tide lifts all boats," he says.

"The recovery in Dublin has filtered out to the towns and is starting to filter out further to rural locations.

"More traditional lending is coming on stream and, while we have lots of cash buyers, we are seeing more people with a mix of cash and bank borrowing as the banks start to lend again.

"I'm confident about an increase of 15pc in 2015, but I won't be surprised if it's higher."

Independent.ie Guide to House Prices in Ireland

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