Families and first-timers look to Limerick county
THE MARKET HOUSE values have risen by an average of 10pc across Limerick over the last 12 months. This differed for various house types, like the two-bed cottage that saw a rise of 17pc and is now at €105,000, or the five-bed detached house which went up by only 5pc, bringing it to €295,000.
As prices rose in Limerick City, families and first-timers looked to the county for a more affordable home. Houses close to the motorway were most in demand, with the larger family home being the most sought after. Castleconnell is very popular with families looking to trade up because of the good schools in the area and its proximity to the motorway.
A detached 2,000sq ft house outside the town comes with a price tag of €290,000, up €20,000 from €270,000 this time last year.
Ailbhe O’Malley from Sherry FitzGerald in Limerick says things have been slower in the first-time buyer market as bank lending restrictions are making it more difficult to get loan approval. For those who are ready to go, the level of stock is quite low, so O’Malley hopes they will see the start of some new-homes schemes this year.
Sales have been slow at the high end of the market, but it’s Adare and the surrounding area that still command the highest prices in the county. Of the sales at this end of the market in 2018, Kilcurly House, a period residence a few miles from Adare sold for €635,000, and The Haggard in Ballyclough sold for €760,000. There is also a new development in Adare called The Heritage, where four-bed detached houses start at €800,000.
O’Malley is confident that prices will continue to rise throughout this year at a rate of 5pc across the board.