Upward trend for Wexford market

THE Wexford property market is likely to continue its upward trend for 2018, building on the back of strong sales last year.

And with the government’s newly-announced fixed-rate, low cost, fixed-term home loan scheme available through the county council, increasing house values leading to more builders getting back into residential and an improving economy, things are looking up.

Colum Murphy reports a strong start to the year at Wexford Auctioneers Kehoe & Associates.

‘January can be quiet busy time for us, with many people making plans for the year ahead. Many clients are talking to us now about selling their property later in 2018. 2017 was a very active year in the residential property market in County Wexford and all the signs are 2018 will be similar.

‘Property values in 2017 in Wexford increased by nine per cent and there has been increase in the volumes of sales also. The average asking price of a property in County Wexford according to website daft.ie now stands at €192,000.

‘In 2016 across all sales in County Wexford there were 1,627 residential property transactions, increasing to 1,797 in 2017, which represents a 10.4 per cent increase in activity levels.

‘ This is a considerable step forward from approximately 1,000 house sales in County Wexford in 2013. ‘Interestingly the house prices have now recovered to a level to bring new home builders back to the market. This will see the launch of some exciting new housing developments in several locations across the county in 2018.

‘ Townhouses and apartments are very much in demand, and there is also a shortage of detached family homes within the five to 10 minutes’ drive of the major towns,’ said Mr Murphy.

Benny Sullivan, from Benny O’Sullivan Estate Agents, said it’s a new year and the property market has finally turned a new leaf.

‘When you think back in 2012 the three-bed semi in Wexford town had fallen to €100,000 and now the average is close to €170,000 it shows how far we’ve come. Confidence is certainly back in the market which is busier than ever.’

Mr Sullivan said all categories of buyers are currently in the market including first time buyers, investors, people trading up, trading down, retirement, commuters, some UK buyers and so on - they’re all there.

‘I’m very encouraged by the amount of mortgages being approved as a sale to the first time buyer causes a knock on affect up the property ladder. However it must be said that demand is still outstripping supply and this will probably continue throughout 2018 which again will result in increased prices.

‘As a result some buyers simply cannot find the property they want as it is not on the market and my database of buyers has therefore grown significantly. There is a huge demand for good town properties and also the outskirts of town.

There are a lot of enquiries too for coastal detached properties and I hope to see an improvement in the holiday home market this year. Sites are still proving a bit difficult due to the local need restriction. Overall I see a very busy 2018 for Wexford property where there is still good value to be found,’ he said.

John Kearney, of Kearney & Co. Property Sales & Lettings, in Wexford, said Whiterock Hill, Crosstown and Mulgannon are a few of the areas with developments under way in Wexford Town.

‘ Together with several other developments currently in planning, there are potentially nearly 500 new houses being built in these two centres alone over the next couple of years,’ he said.

Mr Kearney said Kearney & Co. are delighted to be involved with two of these schemes: Ard Uisce, in Wexford, and Gleann an Ghairdin, in Gorey, both by Wexford Low Energy Homes, whose name provides a clue to the appeal of all these new homes.

The era of cold draughty houses costing a fortune to heat is well and truly over and one has to wonder as to why it took the climate change crisis and the need to reduce wasteful energy usage for us to create this new style of home, wonderfully snug and even more importantly, cheap to run.

‘We all love the romance of an open fire, but it reality, it requires a large gap in your roof, which makes no sense at all! We also know by now that stoves are four times as efficient if you still want a central heat source in the room, but the energy rating of these new houses is such that you no longer require any supplementary heating at all,’ said Mr Kearney.

Secondly, the use of solar panels integrated into your energy supply reduces your daily running costs significantly also. Sunshine is free and whilst we may not be quite in Spain, let’s make the most of our advantage down here in the ‘Sunny South East’.

‘Personally, based on my experience of these new homes, I have put my money where my mouth is by upgrading my own heating systems and adding solar panels at home and I have to say we are all delighted by the improvements in warmth and reduction in costs.

‘So, are these houses much more expensive, I hear you ask. Well, there is no doubt that brand new A rated homes do cost a bit more than their second hand equivalent, but the truth is they will more than pay their way over their lifetime.’

‘Which brings me to another new feature of some of these homes, their lifetime adaptability. In each new development, a percentage of the houses have to be built with the ability to be easily transformed into a lifetime home.

‘In Ard Uisce, for example, the three-bedroom semi-detached houses have an option whereby the wardrobe space upstairs sits directly above the hall closet downstairs. This space can then be easily transformed into a lift allowing for people to remain in their houses even when their legs aren’t so good.

‘So, all in all, there is going to be a lot of activity in the Wexford property market in 2018.’

‘Kearney & Co. have opened a satellite office in Gorey to help with demand there and taken on a local man, Brian D’Arcy with excellent property market experience to support their existing auctioneers. Onward and upward, Loch Garman abú!’