Al­most €360k for three-bed in Fin­gal


Fingal Independent - - NEWS - John MAN­NING

THE av­er­age price of a three-bed semi-de­tached house in Fin­gal is now al­most four times what it is in Long­ford, ac­cord­ing to a new study.

In the first six months of this year the av­er­age price of a 3-bed semi-de­tached house in Long­ford was €90,000, while the North County Dublin price for a sim­i­lar prop­erty is €358,000 ac­cord­ing to a new Res­i­den­tial Prop­erty Price Barom­e­ter pub­lished by IPAV, the In­sti­tute of Pro­fes­sional Auc­tion­eers & Valuers, which rep­re­sents over 1,100 auc­tion­eers and valuers through­out Ire­land.

This com­pares with a price for a sim­i­lar prop­erty of €511,667 in South County Dublin, the study finds. It cov­ers prices achieved for homes sold and will be pub­lished ev­ery six months.

Pat Davitt, IPAV’S Chief Ex­ec­u­tive, said while the home­less num­bers grow and sec­ond hand prop­er­ties can be bought in sev­eral ar­eas of the coun­try for less that the cost of build­ing them, some parts of the Dublin mar­ket are on the way to reach­ing or even top­ping the high lev­els last seen in 2007.

he said: ‘This is what hap­pens when stock is so scarce with just a small num­ber of the larger builders de­vel­op­ing. Up to 50pc of pur­chasers are still buy­ing prop­er­ties with­out a mort­gage.’

Mr Davitt said the forth­com­ing Bud­get is an op­por­tu­nity for the Gov­ern­ment to ad­dress some of the ma­jor im­ped­i­ments that are keep­ing the housing mar­ket in what he called ‘dys­func­tional ter­ri­tory’.

He added: ‘The Oc­to­ber Bud­get must bring rad­i­cal new mea­sures to rapidly in­crease housing sup­ply, not piece­meal ini­tia­tives of which we’ve had an over­sup­ply. Such must in­volve low­er­ing three things - the cost of build­ing, the cost of build­ing fi­nance and the myr­iad of lo­cal author­ity im­ped­i­ments to build­ing.’

Mr Davitt called on the Gov­ern­ment to re­tain the Help-to-buy (HTB) scheme, say­ing: ‘Last week’s com­ments by the Chief Ex­ec­u­tive of the Housing Agency to the ef­fect that it’s very dis­rup­tive an­nounc­ing things, start­ing and stop­ping them, were well made.

‘That has cer­tainly been an is­sue im­pact­ing con­fi­dence in house build­ing,

‘Any cur­tail­ment of the HTB scheme now would have a neg­a­tive ef­fect on housing sup­ply and would fur­ther dam­age the rental mar­ket.

‘The scheme, how­ever, should be ex­tended to sec­ond hand prop­er­ties out­side of Dublin to help bridge the gap in house prices be­tween sec­ond hand and new homes and so en­cour­age builders to build out­side of Dublin.’

Mr Davitt said that Ir­ish in­ter­est rates are too high. He said: ‘Many with mort­gages, par­tic­u­larly those taken out in re­cent years, will never have ex­pe­ri­enced in­ter­est rate in­creases. It may be new to them in 2018, es­pe­cially given that the in­flu­en­tial Ger­man econ­omy is pow­er­ing ahead.’

The av­er­age price for a three-bed semi in Fin­gal is €358,000.

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