Wexford house prices rise 0.6% in the past three months

The price of the average second-hand three-bed semi in County Wexford has increased to €260,000, up 0.6% from €258,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county this quarter, the average time taken to sell fell by one week to a total of three, the Q1 REA Average House Price Index shows.

The survey shows that across the county, 33% of purchasers were first-time buyers, and 45% of purchasers were from outside of the county.

A total of 30% of sales in the county this quarter were attributed to landlords leaving the market.

This quarter, prices in Wexford town increased by 1.2% to an average of €245,000, while Gorey prices were unchanged at an average of €275,000.

“Property prices have remained consistent in the last quarter of 2023, and we are seeing similar trends so far in 2024,” said Winston Halnon of Halnon Humphreys Gorey.

“Prices will likely remain at their current level, however we have also seen some small increases.

“Energy efficient and new homes are performing very strongly and this is likely to continue in 2024.

“The lack of stock so far in 2024 is quite noticeable, and there appears to be less landlords selling, which is affecting stock levels.

“As of the 4th of March, there is only one three-bed semi-detached second-hand house for sale in all of Gorey Town, which is incredible for a town of its size and population.”

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3pc in the first quarter to €308,235.

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales – amidst a belief that interest rates may have peaked.

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.

“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.

“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers.

“If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers know they can avail of a grant for refurbishment of up to €50,000 and up to €70,000 if there is a structural issue.”

Mortgage-approved first-time buyers are still the main market drivers, accounting for 59pc of sales nationally.

Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8pc increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6pc.

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