Padraig Hyde & Sons,
Auctioneers, Valuers & Estate Agents,
Property Management & Maintenance Services.
117 North Main Street, Youghal, Co. Cork.
TEL: 0818 555 700
 024 - 91355

Property Market Recovery?

{ Posted on Sep 30 2013 by admin }
Categories : General

There has been much written lately of a recovery in the housing market with price rises evident in Dublin and signs of price stabilisation appearing elsewhere in the country.

For example, the latest CSO statistics on the housing market show national house prices rising 2.8% in the year to August 2013 with a 0.9% increase being recorded in that month alone. Excluding Dublin however, the growth trend is lower – just a 0.1% increase in August once the capital is excluded.

Of course, CSO figures only record mortgage transactions, being based on figures supplied by the banks. Cash sales for example, which according to one figure supplied account for 57% of transactions, are excluded from CSO figures and data meaning that ‘official’ statistics could be failing to capture and relay accurate information relating to the housing market.

Elsewhere, the latest survey shows similar trends – a rise in Dublin house prices during Q3 2013 by 0.9% whilst Cork City housing prices remained unchanged for the third quarter in a row pointing to signs of stabilisation. Selling times remain somewhat lengthy – five months in Dublin with six months in Cork, Limerick & Galway and eight months in Waterford. Lengthier selling times for particular properties would not be uncommon either.

However, if we check the residential property price register for Youghal, some interesting results appear. In the eight months between January to August 2013, 33 properties are listed as transacted, up from 24 for the corresponding period in 2012, or a 37% increase. This would probably tally with increased viewings, offers and activity experienced by estate agents on the ground. On its own, the figure is encouraging, suggesting life may be coming back into the property market after the prolonged hiatus of recent years.

However, there could be a sting in the tail – the average price listed over the January to August 2012 period was €122,000 whilst for the same period in 2013, the average has fallen to €96,000. However like CSO figures, the property price register can also be skewed – not all properties listed may have been sold on the open market and a preponderance of one type of property could imbalance the averages during any given month or quarter.

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