AN ENNISCORTHY auctioneer predicts a “very positive year ahead in 2015” due to soaring house prices in the county.
Figures released yesterday from a survey carried out by Real Estate Alliance shows that the average price of three-bed semi-detached homes in County Wexford has risen by 20%.
Significantly, the report also indicates that it now takes around eight weeks to sell a house in the county compared to around 12 weeks a year ago.
Paula Treacy of Paula Treacy Estates on Weafer Street told The Echo that property prices in Enniscorthy are without a doubt improving.
“We have definitely felt the increase in demand rise significantly in the last six to twelve months,” she said. “There seems to be an air of determination amongst all purchasers that now is the time to step on the ladder and buy before prices rise too much.”
Ms. Treacy added that in Enniscorthy, she is finding purchasers are very astute to the market and will pay more for location, size and presentation of the property. “For the first time in many years we now have bidding on certain properties,” she added.
She continued: “We have found that prices have improved 20 to 25% in the last year depending on the property. The average price range of a three-bed semi-detached property in Enniscorthy is now €103,000, a huge improvement to expectations of the vendors of the properties. Unfortunately we now have a huge shortage of property to sell in Enniscorthy, and there is a high demand for any new properties that come on the market.
“We are finding that mortgage approved customers are feeling the pressure with the changes in the mortgage approval system from January 2015. Cash buyers are also coming out of the woodwork and announcing their interest in the market. The confidence is back in the property market, and we can see a very positive year ahead in 2015.”
Also commenting on the figures, Robert McCormack, of REA McCormack-Corish, said that there is a lot of activity in the lower to middle end of the market in Wexford, with a lot of value out there.
“We are seeing more first-time buyers entering a market which is also proving attractive to investors,” he said.
Full story in this week’s Echo.
