independent

Wednesday 22 January 2020

Average cost now €200,000 as house prices fall by 3%

House prices in Wexford have fallen by 3% in the past year
House prices in Wexford have fallen by 3% in the past year

Simon Bourke

House prices in Wexford have fallen by 3% in the past year with the average cost of a property in the county now at €200,883.

These figures, released by daft.ie, are in stark contrast to those released at the same point last year when house prices in Wexford had risen by 7%.

According to the daft's House Price Report the average cost of a one-bed apartment in Wexford is now €74,000, a decrease of 6.9% from last year.

The average two-bed terrace will now cost the buyer €96,000, a drop of 8.1%, while a three-bed semi-detached house averages at €134,000, a decrease of 4.5%.

Meanwhile, a four-bed bungalow in County Wexford now costs €262,000, which is 3.4% down on last year, and a five-bed detached house is selling for an average of €278,000, a drop of 1.7%.

This has been reflected in consumer confidence with 214 new homes transactions taking place this year, a rise of 39% on last year.

However, local estate agent Adrian Haythornthwaite said these figures did not tally up with his experiences in the market.

'The daft report is interesting but it might be slightly sensationalised,' Mr Haythornthwaite said. 'I'd prefer to learn more about it to see if it's valid or not. But the figures quoted don't relect our experience at ground level.'

Adding that he was in the process of compiling his own report for 2019 Mr Haythornthwaite said he had seen a gradual rise in the median cost of house prices in the county since 2013 and expected that to remain the case this year.

Claude Howlin, who has worked as an auctioneer in Wexford for 30 years, was also circumspect in his response to the figures.

'It's all about availability, it's not a bad time to buy but markets go up and down. There's always new people entering the market, those who have moved to the county for work, people recently engaged or married. It's not necessarily a case of prices continuing to drop. Stats from the CSO suggest we're still not building enough new homes,' Mr Howlin said.

On a wider scale, according to the daft report, house prices in all Leinster counties outside Dublin fell between September and December of this year, the first time this has happened since 2013.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said, 'There appears to be relatively good balance between the pipeline of newly built owner-occupied housing and the number of households able to buy that housing. Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country's competitiveness.

'There remain huge issues with the other segments of the system, including private rental and social housing.

In addition, a huge mismatch exists between the existing stock of housing, which is predominantly for households of three or more persons, and the country's housing needs, with one and two person households not only the majority of households already but also accounting for the overwhelming majority of new households the country will add over coming decades.

This is what policymakers need to focus on in the coming decade,' Mr Lyons concluded.

Gorey Guardian

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