Good broadband iskey–andit’s not viable to build
LONGFORD AVERAGE PRICE: €160,000
Areas: Longford, Granard, Ballymahon
Change: s 10%
One Year Forecast: s 5% Assessing Agent: Sherry FitzGerald McGill
THE MARKET
Less than a year after launching its€233m holiday resort in B ally ma hon, Center Par cs was forced to close down for four months during the pandemic, but it reopened in July to a steady stream of staycationers.
Property prices in the region made a similar bounce-back in the second half of the year, with four-bed bungalows in town and five-bed detached houses up by 20pc on this time last year. All however from a low price base.
While the market is set to settle down in the year ahead, local agent Fintan McGill of Sherry FitzGerald McGill, says there is still plenty of money about and house-hunters are happy to spend it on the right property.
“Bungalows, detached two-storey houses and two-up/two-down fixer-uppers are all in demand,” he says. “Conversely, apartments are not really moving. Most were built 10-15 years ago and they’re showing their age.”
Across all house types, the second-hand market is the only game in town, says McGill.
“We’ve had no new developments in Longford since 2006. Houses sell for around €120 a square foot, whereas construction costs at least €145 a square foot. So it’s just not viable to build.
“Instead, people are looking for good houses with a decent energy rating in the B or even C categories.
“But the first question buyers ask now is: ‘Has the property got good broadband?’ They test it on their phones during viewings. Connectivity is key this year.”
McGill advises vendors to manage their expectations on prices, and buyers to be patient.
“The average conveyancing time is now in excess of six months,” he says. “It’s too long and there’s too much red tape involved. It needs to be speeded up.”
He’s confident the prices will continue to grow by a minimum 5pc. “There’s a buyer for every property, from the grand estate house to an ex-rental in poor condition,” says McGill.