Slowdown in Cork house prices
THE asking price for an average house in Cork County has risen by just over 1% between June and September of this year according to the latest set of figures compiled by the Real Estates Alliance (REA).
Released on a quarterly basis, the REA average house price survey focusses on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an upto-date picture of the state of the property market across the country.
Since January house prices in the county had gone on something of a roller coaster of a ride, recording a 1.4% increase to March when the REA reported an average price of €168,500 as the month drew to a close. This figure represented a 1.4% increase on the price for the final quarter of last year.
Quarter two saw prices increase by 3.3%, with the average house price standing at €174,000 at end of June.
The figures for the last three months have shown a marked slowdown, rising by just 1.1% between June and September, with the current average asking price for a house in the county standing at €176,000 as last month drew to a close.
That figure represents a 5.6% increase on the average price at the same time 12-months ago.
It is important to note that the latest REA figures represent a snapshot of the overall country, with average asking prices differing greatly across different areas of Cork.
For example the average price for a house in Charleville rose by 2.67% over the last quarter to €154,000, with Sarah O’Keeffe of REA O’Keeffe in Charleville reporting the average time to reach sale agreed remaining steady at six-weeks. “We are seeing a strong demand for three-bedroom semi’s in good condition. Supply to the market is currently poor,” said Ms O’Keeffe.
John O’Neill of REA Celtic Properties in Bantry said they were encountering a similar problem for first-time buyers.
“Overall, the market is at best static. We are seeing the market, especially for coastal properties priced above €200,000, being adversely impacted by Brexit,” he said.
Half of these reported house prices remaining static when compared to the previous quarter, including Cork City where the figure remained at €320,000.
“The market continues to be sluggish with both Brexit uncertainty and the upcoming budget affecting the sales market,” said Michael O’Donoghue of REA O’Donoghue & Clarke.
“Central Bank lending regulations are also keeping a lid on the market due to people’s inability to obtain mortgage funding,” he added.
From a national perspective, the latest REA survey found that the average threebed semi now costs €235,009, a drop of a drop of 0.43% on the figure of €236,028 at the end of quarter two.