Tuesday 21 November 2017

Game of two halves as Westmeath makes comeback

Moorings in Athlone, Westmeath
Moorings in Athlone, Westmeath
Mark Keenan

Mark Keenan

WESTMEATH

Athlone, Mullingar, Castlepollard, Kilbeggan, Moate.

Up 2%

One Year Forecast: Up 3%

Average: €115,000

Assessing Agent: Sherry FitzGerald Davitt.

The Market:

It was a game of two halves for the midlands market in Co Westmeath, where prices are both rising and falling at the same time.

The last six months have shown a massive improvement on the previous six. It was only towards last summer when demand began to pick up and some stability really returned to pricing.

Athlone and Mullingar both tend to command a price premium of around 20-25% over other towns and it was in the two biggest population centres that demand was strongest.

First-time buyers dominated activity but investors, piqued by the lack of returns on deposits, were also beginning to dip their toes again.

Towards the end of the year, values increased by 5% in Athlone and Mullingar and there's now a real concern that supply of family homes in desirable areas is becoming tight.

In contrast to the big towns, remoter parts of the county continued to see a slide in values.

For those intent on trading up – usually a significant component of the market – the news continued to be bad, with little or no finance available.

"Banks simply don't want to lend to people in negative equity – even small amounts, to help them move – because they figure they are taking a big enough bath already; and they have little real confidence in the ability to repay in many cases," said local agent Aidan Davitt.

The Prices:

1-bed apartment:

Jan 2013: €44,000

Jan 2014: €45,000

Jan 2015: €46,000

2-bed apartment:

Jan 2013: €64,000

Jan 2014: €65,000

Jan 2015: €67,000

2-bed terrace:

Jan 2013: €59,000

Jan 2014: €60,000

Jan 2015: €62,000

3-bed terrace:

Jan 2013: €98,000

Jan 2014: €100,000

Jan 2015: €103,000

3-bed semi in town:

Jan 2013: €127,000

Jan 2014: €130,000

Jan 2015: €134,000

3-bed semi out of town:

Jan 2013: €98,000

Jan 2014: €110,000

Jan 2015: €113,000

4-bed estate house in town:

Jan 2013: €147,000

Jan 2014: €150,000

Jan 2015: €155,000

3-bed bungalow in town:

Jan 2013: €118,000

Jan 2014: €120,000

Jan 2015: €124,000

3-bed bungalow out of town:

Jan 2013: €98,000

Jan 2014: €100,000

Jan 2015: €103,000

4-bed bungalow in town (0.5 acres):

Jan 2013: €142,000

Jan 2014: €160,000

Jan 2015: €165,000

4-bed bungalow out of town (0.5 acres):

Jan 2013: €137,000

Jan 2014: €140,000

Jan 2015: €144,000

Irish Independent

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