Meath house prices remain unchanged by Covid-19 crisis

The price of a three-bedroomed semi-detached house in Meath remained unchanged over the past three months, according to a national survey carried out by Real Estate Alliance.

There has been a large annual increase in enquiries since agents in the county reopened their doors after lockdown.

The REA Average House Price Survey found that the price of the average three-bed semi in Meath fell by 1% to €237,500 in the past year.

“The lack of supply of stock in the area has meant that available properties have attracted larger volumes of enquiries more recently,” said Paul Grimes of REA Grimes Ashbourne, where average prices remained at €300,000 over the last year and time to sell rose by one week this quarter to eight weeks.

“Week-on-week, purchasers’ confidence continues to grow, and enquiries are growing at pace also. Last week we saw a 20% increase in enquiries, so hopefully this trend continues.”

Trim prices remained unchanged this quarter, with time to sell also static at 14 weeks.

“I am glad to report that the phone has been ringing again and there seems to be plenty of enquiries both for land and residential property,” said Thomas Potterton of REA TE Potterton, Trim, where prices fell by 4% over the past 12 months to €240,000.

“We are seeing a renewed interest in property in rural areas, and we do not envisage any serious reduction in prices, if any, because more and more people seem to be working from home.”

Kells prices remained at €180,000 over the past 12 months and time taken to sell rose by a fortnight this quarter to 12 weeks.

“We are finding that things are moving slower as vendors are having difficulty getting the properties ready,” said Cara Gavigan of REA T&J Gavigan.

“Issues are also coming up with mortgage approval, with possible delays in purchasers closing due to Covid arrangements.”

Navan prices remained at €230,000 over the past year, with time to sell rising by a week this quarter to 11 weeks.

“There is good momentum in the market with a lot of positivity and viewers who are genuine and ready to go,” said Michael Gavigan of REA T&J Gavigan Navan.

“We are getting in offers all the time on properties and expect a very good remainder of the year.”

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%.

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”

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