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Q1 2017 Average House Price Survey27 March 2017

The price of an average house in Dublin rose by 3.9% in the first quarter of this year as the average three-bed semi in the capital breached the €400,000 barrier.
The average three-bed semi-detached in Dublin city now costs €404,167, a rise of €15,000 (3.9%) in the last three months and an increase of 12.8% over the past year, the Q1 REA Average House Price Index has found.
And with an increase in newly-financed buyers coming to the market, prices rose by 5.6% in both north and south county Dublin in the first three months of the year.
The easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing.
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide for the first three months of the year.
The average semi-detached house nationally now costs €209,944, the Q1 REA Average House Price Survey has found – a rise of 3.5% on the Q4 2016 figure of €202,926.
Overall, the average house price across the country has risen by 10.9% over the past 12 months – a marked increase on the 7.7% rise registered to the end of December 2016.
The biggest percentage increases over the past year came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.
Prices here rose by an average of 12.9% over the year, with a three-bed semi now costing €136,194 – an increase of 3% in the past three months.
The commuter counties of Louth, Meath, Kildare, Wicklow, Carlow and Laois rebounded after a relatively static end to 2016 to rise by 2.9% in the past three months, with the average house appreciating by over €6,000 in the quarter.
Ireland’s major cities outside the capital experienced a 2.3% rise in the first quarter and 7.7% on the year, with the average semi now costing €305,000 in Cork (+3.4%), €132,000 in Galway (+2.1%) and €178,000 in Limerick (+0.6%).
“There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly, show that we are moving into a vendors’ marketplace,” said REA spokesperson Healy Hynes.
“Many private vendors are now emerging from negative equity and can afford to make the move from the starter to the second home.
“However, we need to look at these figures in relation to the market where stock levels are at their lowest nationwide since January 2007.
“Although mortgage drawdowns at 29,498, were up 12% in Q4 2016, they were actually less than they were in 1980 when the economy was in deep recession.
“At a current average price of €136,194, and an annual compound rise of 12.9%, it will be 2021 at the earliest before it becomes economic to build outside the cities.”
“In the capital, our agents report that the market is incredibly active, with limited supply putting immense upward pressure on prices.
“In Clonskeagh, REA Ed Dempsey have confirmed that the average three bed semi has gone from €445,000 last March to €535,000 this year, a rise of 20.2% in a year, and 7% in the quarter.”
The largest growth in the country in the first three months was in Kilkenny city, where average prices jumped by 15.8% from €190,000 to €220,000.
“There is a desperately poor supply on the market, which means that any property is selling quickly and strongly, with an average selling time of three weeks,” said local agent Michael Boyd of REA Boyd.
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Available for interview:
Healy Hynes, REA spokesperson and auctioneer
healy@hynes.ie 087 263 2295
Media information: Darren Hughes, 086 293 7037, Darren@mediaconsult.ie



Brexit hits UK property interest in Ireland as US enquiries rise30 January 2017

The Brexit vote, and the subsequent fall in the value of sterling, caused a 32% drop in the amount of property enquiries from the UK over the past year, a national estate agents' survey has found.

Almost 20% of overseas enquiries about Irish property are now coming from the United States, from a negligible base two years ago, according to the Real Estate Alliance nationwide survey.

“Property buyers from the US are increasingly securing homes and investment properties in Ireland, buoyed by a strong dollar and the lure of a resurgent economy for emigrants,” said REA chairman Eamonn Spratt.

Real Estate Alliance are offering Irish property vendors the chance to take advantage of this mini-boom by registering for the Alliance’s upcoming Irish Property Exhibition in Boston.

“The average house price in the US in November 2016 was $365,200 (€341,739), compared to our Average House Price survey national value of $216,856 (€202,926), so there is obvious value for American buyers in Ireland,” said Mr Spratt.

“Our agents report that enquiries from the UK have dipped by a third since the Brexit vote, and the attendant fall in the value of sterling against the Euro.

“But while the UK still forms 37% of our overseas business, 19.6% is coming from the US, 18% from Australia, 15% from mainland Europe and 11% from other locations – especially Canada.

“78% of our members report an increase in enquiries from overseas in the last year, with the average agent seeing a 22% rise in calls from outside Ireland.

“The biggest rises were seen in calls from Irish emigrants planning to return from Australia, which increased from 11% in 2015 to 18% in 2016.

“The resurgent economy is having a positive effect on the market with the number of overseas buyers enquiring about moving to live and work in Ireland rising by 9% over the past year.”

Overseas calls now make up 18% of all enquiries across the REA group.

REA agents report a rise in sales instructions from Europe, consisting of a mix of Irish emigrants and holiday home owners who feel that they are now out of negative equity situations.

The survey showed that 29% of overseas buyers are purchasing a home for their retirement and 16% are purchasing as an investment, down from 20% in 2015.

40% of sales to overseas purchasers are now for properties valued above €200,000 – a rise of 9% on the 2015 figure.

“While the market between €150,000 to €200,000 is static at 16%, the biggest change in the market has been the drop of 25% in sales of properties below €100,000,” said Mr Spratt.

“This reflects the decline in stocks of excess housing for under six figures in rural counties, and was mirrored in our recent average house price survey which saw huge percentage rises in counties such as Longford and Roscommon off a very low base.”

The first group to pioneer Irish sales in the US, REA are bringing thousands of properties to Boston, giving a host of US buyers the chance to browse in comfort and talk to the experts on the ground.

The exhibition takes place in the Lenox Hotel, Boston from 5-8pm on March 23.

“Last year we brought the first Irish property exhibition to the US and met with 425 potential buyers in New York.

“32% of the attendees were Irish families looking to return home, 19% were retirees looking to downsize, and 17% were young Irish people returning to work.

“5% of attendees were searching for a holiday home and another 3% were keen to buy a second home with ties to family in Ireland.

“A survey of attendees also found that 16% were investors while 8% were US-based people who have homes in Ireland and were looking for them to be either sold or managed.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA Boston Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie/Boston or send an email to register for the event at info@rea.ie.

Available for interview:

Eamonn Spratt, REA Chairman 086 2531277 eamonn@reaspratt.ie or via Eimer O’Keefe 086 824 9040 eimer@rea.ie

Other media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037

Ask the experts: How do you see the Irish residential market behaving in 2017?23 January 2017


Eamonn Spratt, Chairman, Real Estate Alliance

1. How do you see the Irish residential market behaving this year? (2017)
Our agents nationwide estimate 6% growth in 2017, off the back of an 8.4% increase last year – however, there is a lower level of expectation in the commuter counties at 3.8%.
We have already noticed a tailing off of receiver/bank/fund sales and a marked increase in first-time buyers at viewings in the latter weeks of Q4, setting the trend for 2017.
A lack of supply is continuing to push prices upwards, which is bringing builders back into the market.
2. In what locations do you expect to see most capital value growth?

Stronger price centres such as Dublin and Cork city will see most growth, due to the easing of the Central Bank mortgage lending restrictions.

Our agents in Dublin are predicting a 6.8% rise in 2017 and we are already seeing the positive effects of first-time buyers returning to viewings.

While expectations in the commuter areas are lower at 3.8%, a complete scarcity of suitable supply in the rest of the country is expected to fuel increases of 7.3 in our larger rural towns nationwide.

3. Are prices static or falling in any locations that you can think of?

Prices were static in commuter towns such as Ashbourne, Blessington, Naas, Maynooth and Celbridge in Q4, with low growth figures in 2016.

4. Where do you see rents going in 2017?

Rents will continue to rise until supply improves. Until building starts, this issue won’t be dealt with. In Dublin, new stock is under construction and now that first time buyers are re-entering the market, there may be a little easing.

However, the introduction of rent controls in the capital may see many landlords look at exiting the market, reducing the amount of available stock.

5. What impact (if any) do you think the combined effects of last Budget’s Help To Buy scheme combined with the Central Bank’s end of year tweaks to its lending regime will have on the market?
The combination of these measures has already given an injection in to the market with first-time buyers suddenly in evidence at viewings in the capital in November.

The moves have given the younger generation a foot on the ladder to buy a family home.

6. What are your views on Rebuilding Ireland, Minister Coveney’s plan to sort out the housing crisis?

The State needs to fast track the supply of affordable homes to address the void of local authority construction over the last decade.

The Minister seems to be passionate about the task in hand, but the proof will be in the building.


7. What steps would you urge the Government to take in 2017 to help solve the housing crisis?
Until the procurement process is speeded up and the provision of services to zoned lands are enhanced, this vehicle won’t get out of second gear.

We have zoned lands, developers are ready to build, but nationally they are finding that they can’t get the required services in due to a multiplicity of agencies such as Irish Water.

Local authorities also need to be realistic and introduce a phasing of upfront monies to include development fees and contributions.

Local authorities have also changed the format of the bond that they are now accepting, looking for payments upfront whereas previously an insurance bond would suffice.

8. How do you see the supply situation at the moment? Where do you think it will go in 2017?

Development financing is the key to solving the housing supply shortage as home building becomes potentially profitable again for builders.

The majority of new housing is set to be delivered outside the Greater Dublin and commuter area where the issue now is financing to fund construction – especially in areas where the house price is substantially under €200,000 but a need for housing exists.

The State can impact housing supply by introducing a phased payment structure for developers to including development fees and contributions.


9. In your experience, what percentage of buyers are paying cash? Do you think this will rise or fall this year?

Our REA Average House Price Survey for Q4 shows that 31% of purchasers are cash buyers, a drop of 16% on the December 2015 figure of 37%.

The highest percentage of cash buyers are in the rural towns outside the commuter areas, where the figure stands at 38%, down from 44% this time last year.

In Dublin city, we have seen a large increase in mortgage-funded purchases over the past year, with just 22% cash buyers in Q4.

10. What would you buy if you were an investor spending (a) €250,000, (b) €350,000 and (c) €600,000. (specificially to a property type and a specific area address egs: three bed semi in Chapelizod/ two bed apart in Portlaoise etc) and why?
(a) Spending €250,000 – Three bed semi in Tallaght area achieving €1,600pm
(b) Spending €350,000 – Three bed semi in Firhouse / Knocklyon area achieving €1,850 - €1,950pm
(c) Spending €600,000 – Four apartments in north Dublin that yield 10% per annum and will appreciate in value.

11. In your view how is the supply side of the residential property market sitting at the moment?
Supply is extremely low – as an example, there are only 62 properties for sale in the Tallaght area at the moment.
There is a big under supply of suitable properties for people to downsize to, such as bungalows in towns, and also very few 4 or 5 bed detached in the stronger rural towns for families.
12. If supply is at a record low right now why aren’t enough people selling?

The lack of suitable supply to trade up to is an issue throughout the market not just at the lower, new or first-time end.

While the Central Bank mortgage restrictions have been eased for first-time buyers, second time buyers still cannot afford to save the massive deposits needed to make the step-up from a 225,000 home to a 400,000 home – thus keeping supply low at the starter end.



13. Is it a good time to be a first-time buyer? State why?
Yes. We are seeing evidence of a sudden return of the first-time buyer to viewings, especially in the Dublin area, since the lifting of the Central Bank restrictions.

The 16% annual fall in cash buyers points to a willingness of banks to lend again and compete for business.

However, the choice is limited and there are little to no new schemes available, especially outside Dublin.

14. Is it a good time to trade down? State why?

If the rate of growth is consistent across the market, you have more to gain on the larger asset, and they may inform your decision.

If I own a house worth €1m, and growth is forecast at 5%, then I stand to gain €50,000 in value over the year. If I am moving down to a €300,000 house it will appreciate by €15,000 – the difference is €35,000.

For older couples downsizing, there is a lack of suitable smaller accommodation nationwide.

15. Is it a good time to trade up? State why?
Yes. There should be strong interest in what you have to sell. The average house price rose by 8.4% last year and recent announcements have been positive for the market.

Also, the value differential between a three-bed semi or similar and four-bed detached either in an estate or the country is now much less than any time since the 90s.

Assuming that you can get the finance, it is a good time to sell.

16. In your view, will there be enough new homes to meet demand in 2017?

It is difficult to see the construction sector meeting the significant demand in the stronger centres in 2017.


17. Is there a danger of another property bubble forming as some are claiming? Explain

That fear always exists in a cyclical property market. At the moment, the restrictive nature of deposit limits for second-time buyers and very short mortgage approval time limits are serving to keep a rein on the market.

For a market to overheat you would need much more freely-available credit. This is not the case at the moment.

Not many people are purchasing for a quick return – they are either owner occupier-led or investors looking at yields over a five to ten-year play.


18. In your view, how can we best facilitate the roll out of new homes required to solve the crisis?

We need available and affordable development finance, the provision of serviced zoned land and a realistic expectation from local authorities around associated development costs such as  phased payments for development fees and contributions.

19. In your view, what particular challenges are buyers facing in regional towns?
The main issue is a limited supply of suitable four bed homes which provide an opportunity for the starter home family to trade up.

A higher percentage of cash buyers, who are outbidding young mortgage buyers, are able to purchase and complete as they can bypass many of the time factors associated with the modern mortgage process.


20. Do you believe developers when they say building is not taking place because the cost of building is still too high relative to what people will pay? What is your view here

The cost to build to date versus the selling price of the new home has been a genuine prohibitive factor for developers, especially in areas where the average house price is less than €200,000.


Opinion Piece: Eamonn Spratt - Chairman of REA09 January 2017

What a difference a year makes, with property agents around the country all predicting rises for 2017 that would indicate a return to a functioning market.
But while a national average increase of 6.1pc seems healthy and consistent, and in no way indicating a bubble, we could be facing a vastly different situation in 12 months' time if the current supply does not change.

The Irish Independent Real Estate Alliance survey shows optimism in the market, with the return of first-time buyers to viewings, thanks to the easing of the Central Bank deposit restriction and the Government's Help to Buy scheme. However, they will compete with people trading down for a limited supply of mostly second-hand stock, unless the Government instigates Help to Build measures for developers.
New home building will not take place unless the barriers are lifted, which at the moment are preventing developers from entering the market. Developers will have to be encouraged to build in areas where it is not yet viable, but demand exists - and the State has to intervene to allow that to happen.

For the first time in eight years, our members are seeing builders looking for suitable development land. Our members have received feedback that developers are finding construction finance difficult to procure.

Nama chairman Frank Daly recently confirmed it may fund 20,000 residential units by the end of 2020, subject to commercial viability. About 78pc will be delivered in Dublin, and 15pc in commuter counties such as Kildare, Wicklow and Meath - and it will be profitable for builders to construct in these areas, with selling prices in excess of the building cost of €200,000. However, just 7pc of housing will be delivered outside the Greater Dublin area, where the issue now is financing to fund construction - especially in areas where the house price is substantially under that break-even level.

Our agents in Cork and Galway cities have noted a lack of new developments coming on-stream, which should be a warning for the rest of the country. House building in 2017 will not just be about the price that can be obtained - the path to breaking ground must be cleared for development to take place. Until the procurement process is speeded up and the provision of services to zoned lands enhanced, this vehicle won't get out of second gear. There are several factors at play.

In areas where it is profitable to build, we have zoned lands, and developers can't get the required services due to having to deal with multiple agencies.

Some local authorities are looking for payments upfront whereas previously, an insurance bond would suffice. Councils also need to introduce a phasing of upfront monies to include development fees and contributions. Concerted action can be taken in these areas to address a supply issue which is approaching critical in some places - for example, there are only 62 properties for sale in the Tallaght area at the moment.

The market has also seen an increase in people downsizing. However, we need a supply of people trading upwards, which is where the Central Bank's deposit restrictions and multiplier limits have hit the second-time buyer. The person who wishes to trade up and leave the smaller home which the downsizer now wants, is finding it difficult to secure the finance to do so.

Eamonn Spratt is chairman of the Real Estate Alliance

REA House Price Predictions 201709 January 2017

First-time buyers, encouraged by the easing of the Central Bank’s restrictions on mortgage deposit lending, will drive a continued rise in house prices throughout 2017, estate agents have predicted.

A survey carried out for the Irish Independent by the Real Estate Alliance Group has found that agents throughout the country expect prices to rise by 6.1% on average in 2017.

And after a bumpy year for the Dublin market, agents in the capital are predicting that house price rises will outstrip the national average and grow by 6.8% over the next 12 months.

Rising rents, a lack of suitable supply and the punitive mortgage deposit rules for first and second time buyers had combined to put the Dublin property market into reverse throughout the opening months of 2016.

However, an increase in mortgage-approved buyers and the recent easing of the Central Bank’s deposit restrictions has seen first-time buyers return to viewings.

This, combined with a shortage of suitable supply, has caused prices to appreciate, and REA agents in the capital are predicting that the outlook is bright for the new year, at least in the lower end of the market.

However, there is less appreciation anticipated in the upper ends of the family home scale as serious issues around the income multiplier and the deposit rates put the brakes on many second-time buyers trading up.

Agents in the three main cities outside Dublin are optimistic about 2017, with rises of 10% predicted in Limerick and Galway, with Cork looking at a more modest 5% increase with agents in the latter two areas highlighting a lack of new developments planned for the cities.

The outlook for the commuter areas surrounding the capital is quite cautious, with counties around Dublin predicting a rise of 3.8% on average and many agents fearing that the market has hit its height under the current financial regime.

Agents in Meath are predicting just a 1.8% change next year, with some areas such as Navan and Kells forecasting that there will be no movement in the coming 12 months, thanks to a lack of new development and a shortage of suitable supply.

There was minimal growth in the final quarter of 2016 in Wicklow, however, agents are confident that the market will react positively to a series of significant upcoming new developments adjacent to the N11 including Kilcoole, Rathnew, Arklow and Wicklow Town.

Prices in Kildare were stagnant in the REA’s Q4 Average House Price Survey, and REA are predicting that the Government’s Help To Buy Scheme and the easing of the Central Bank restrictions will combine to produce a 3.5% increase in the coming year.

“The easing of the Central Bank restrictions has given the market great short-term hope, but the real problem in the property lies in supply,” said REA chairman Eamonn Spratt.

“We are bringing people into the market, but we have no long-term plan to provide the suitable housing that they need around the country.

“The fact remains that builders will not create developments unless those properties can be sold for more than €200,000.

“Until that point, unless there is state intervention on supply financing, we will not see sustainable building in areas where the average is below that point.

“It is this realisation that is causing price inflation in towns around the country, with the highest rises of all – an average of 7.4% – being predicted for the sector outside of Dublin, the commuter areas and the major cities.

“Longford, for example, grew by 41% in 2016 and prices are predicted to rise by a further 15% this year.

“However, the price of the average house in Longford town is just €78,000 and will reach €90,000 by the end of 2017 simply because the oversupply on the market has now sold and there are no new developments on the horizon.

“Double digit rises of 10% are also being predicted for the same reason in Roscommon, Monaghan, Cavan, Galway County and Kilkenny.”

The lack of building opportunity could hurt future economic development in lower-priced counties, as the example of Carrick-Shannon in Leitrim shows.

Local agents report that employment is growing in the town and that there will be a shortage of suitable properties through till 2018 at the earliest, with lack of supply predicted to drive a 10% rise in the coming year.

“The average house price is €122,000 and unless houses can sell for €180,000, builders will not make money and start building,” said Joe Brady of REA Brady.

In some areas of the commuter belt, those trading down are now in competition with first-time buyers such as In Ashbourne (+2%) and Drogheda, which is predicting a 7% rise.



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REA Q4 Average House Price Survey26 December 2016

The price of an average house in Dublin rose by 4.2% in the final quarter of the year as first-time buyers returned to viewings in the capital.
The average three-bed semi-detached in Dublin city now costs €389,167, a rise of €15,834 (4.2%) in the last three months and an increase of 8.9% over the past year, the Q4 REA Average House Price Index has found.
The announcement of the upcoming easing of the Central Bank lending restrictions on first-time buyers has had an immediate effect in Dublin, with hopeful buyers suddenly back in evidence at house viewings.
And the survey found it took just five weeks to sell the average house in Dublin City in Q4, a drop of two weeks from Q3.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of the selling season in December.

There were substantial rises in both South County Dublin (€406,667 up 2.5%) and North County Dublin (€267,500 up 2.9%) as the capital’s property market, which had been falling this time last year, finished with an 8.1% overall annual increase.
However, while the easing of the restriction on first-time buyers deposits has had an impact in the capital, the commuter market experienced a rise of just 1% in Q4 with prices static in commuter towns such as Ashbourne, Blessington, Naas, Maynooth and Celbridge.

And the major cities such as Cork, Limerick and Galway followed much the same pattern in Q4, returning an increase of 1.1% over the last three months, with prices static in Cork City at €295,000 – a rise of just €10,000 (3.5%) on the December 2015 figure.

The average semi-detached house nationally now costs €202,926, the Q4 REA Average House Price Survey has found – a rise of 1.4% on the Q3 figure of €200,148.
The biggest percentage increases over the past year came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.
Prices here rose by an average of 12.3% over the year, with a three-bed semi now costing €134,290 – an increase of 2.4% in the past three months.

While the easing of the Central Bank deposit restrictions has had a positive effect on the market, the lack of suitable supply is the biggest influence nationwide, according to REA Chairman Eamonn Spratt.
“In many lower-priced towns, a previous oversupply has now worked its way out of the market, and buyers are realising that there will be no new developments as it is still uneconomical for builders to start new-builds,” said Mr Spratt.
“For that reason Longford, which is the most affordable county in the country, has seen its three-bed semi price rise by a massive 41.8% over the past 12 months – going from €55,000 last December to its present price of €78,000.

“Similarly, investors in property in Roscommon would have seen their values rise by 28.6% over the past year, with agents reporting that Q4 rises of 8% in Roscommon town are fuelled by buyers realising that there will be no further building in the area in the short term.”
After seeing the biggest growth in the country over the past few years, counties in the commuter belt have seen their progress slow or stagnate over the past three months with Meath (1%), Kildare (0%) and Wicklow (0.8%) all starkly contrasting with the growth in the Dublin market.
“Our agents are reporting that the income multiplier restrictions are having the greatest effect in commuter counties, and couples earning €60,000, for example, cannot now afford to purchase suitable homes due to lack of supply,” said Eamonn Spratt.
“There is a cap with the multiplier of 3.5 times income beyond which many couples cannot go, and while there is plenty of activity, in some commuter towns prices are probably as high as they can go under the current regulations.
“However, some of those same commuter towns nearer Dublin are beginning to see new builds commencing which shows that developers are confident that if they build units, they will sell above the profitability cut-off floor of around €200,000.”
The average time taken to buy a house dropped from six to five weeks in Q4, with both Dublin city and county and the country’s large regional towns experiencing shorter sale times.
There was also an increase of mortgage-financed buyers nationwide with cash buyers making up just 32% of sales around the country – down from 40% at the end of 2015.
In Dublin, just 25% of sales are now to cash buyers, while the figure in the commuter counties is lower again at 21%.
Barry McDonald of REA McDonald in Lucan thinks it will be the New Year before we see the full impact of the lifting of the Central Bank restrictions and the Government’s Help To Buy scheme.
“First-time buyers are definitely the main cohort out in the market in Dublin – most obviously in the €250,000 to €300,000 price bracket which is moving very well,” he said.
“However, as you move up the price range to the €400,000-plus market, buyers are thinner on the ground.
“This is a side-effect of the continued 20% deposit restrictions placed upon second-time buyers, who cannot afford to trade up in the market, thus freeing up suitable starter homes.

“We are also seeing vendors thinking that they may do better in the new year and holding off before coming to market.
‘The market is very definitely being driven by supply and not demand. The typical scenario now is that there are between one and three bidders for a property rather than five or more and buyers are finding that if they miss out, there is not necessarily an equivalent property out there.”

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Media information: Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037
Available for interview: Eamonn Spratt, Chairman REA, 086 253 1277





Finance for residential development key to solving supply shortage: REA23 November 2016


Available finance for residential development is the key to solving the housing supply shortage as home-building becomes potentially profitable, according to national estate agency group Real Estate Alliance.

Real Estate Alliance (REA) members are reporting a marked increase in sales activity across the country and not just in the major cities but also in provincial towns, the group’s AGM heard last week.

While Dublin and the commuter areas are starting to recover from the stagnation caused by the Central Bank’s mortgage deposit restrictions, the biggest rise in activity is being seen in Ireland’s smaller urban towns where the deposit requirement is not as significant.

REA is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Eamonn Spratt of REA Spratt in Dungarvan was appointed chairman during REA’s AGM in Dungarvan last week where Frank Daly, chairman of NAMA, addressed the meeting on the future direction of NAMA and the current housing supply shortage.

“Throughout the country, our agents are seeing a definite rise in enquiries, with demand increasing further in quarter four,” said REA Chairman Eamonn Spratt.

“Our REA Average House Price survey saw the average three-bed semi rise above €200,000 in our Quarter Three survey – this level of return is now providing a catalyst to get dormant developers returning to the market with much-needed supply.

“Time taken to sell has reduced by two weeks to five weeks in country areas in the three months to the end of September and our agents are reporting a definite increase in mortgage approvals.

“The Central Bank mortgage deposit rules did not hit the country market as hard as the larger cities as the amount of the deposit required is less.

“For the first time in eight years, the majority of our offices are seeing builders looking for development land across Ireland.

“As well as available finance having a major impact on housing supply, a second hurdle is the provision of serviced land.

“Although buyers are now more plentiful on the ground, the problem of supply remains.

“Interestingly, our agents are now reporting that development land is returning to the market for sale, with builders showing much greater appreciation for the modern buyer's needs.

“REA agents are actively engaging with developers to advise as the requirements of new home buyers.

“We welcome the latest announcement by The Minister for Housing, Planning, Community and Local Government to fast-track the delivery of 30,000 new homes in urban centres across the country.

“In particular we are in favour of the fast-tracking of residential housing schemes and the identification of significant land holdings for potential development.

“Overall, we expect that the market outside Dublin will appreciate by circa 10% over the next year – greatly influenced by the lack of supply.


Auctionroom reports another successful sale29 September 2016

REA Auction is delighted to announce another great result from their latest online auction; this time in Edenderry. The firm were selling REA Hynes who secured a sale on 15 St Bridget’s Street, a 2 bedroom detached house in need of refurbishment. Bidding opened at €18,000 and the reserve was met within 3 minutes when the reserve of €20,000 was achieved. By 5.30, bidding had exceeded €30,000 and by 8.30 the following morning, bidding was at €37,000. The auction was due to close at 12 noon when the property was at €49,000 however as bidding was still going, the action continued until 12.30. The final sale price REA Hynes achieved was €62,000 - an impressive 300% of the reserve for the property.
Commenting on the result, Healy Hynes had this to say. “The auctionroom.ie online platform allows buyers to make an offer even when ou office is closed. As a consequence, thy control the house buying experience. The transparency involved also helps buyers make offers with greater confidence that traditional private treaty or auction. We are seeing more and more interest in buying this way and intend to advise more of our clients to use this approach.
“This Edenderry house attracted a lot of interest; we had 35 bids in total from first time buyers, retirees and self builders. The result is a strong recognition of the continued upturn of the market as indicated by the latest REA survey.
“We are confident that this upturn will continu
e as there is still tremendous value to be had out there

Q3 Average House Price Survey Sept 201626 September 2016


The average three-bed semi has risen above €200,000 for the first time since the country emerged from the property crash, according to a national survey carried out by Real Estate Alliance.

And with an increase of mortgage-backed buyers on the market chasing a limited supply, prices in Dublin have grown by +2.75% – almost double that of the previous three months.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of Q3 this week.

The average three bed semi nationally now costs €200,093, an increase of €4,732 (+2.42%) since the end of June. This is a rise of 6.37% against the same time last year.

Prices in Dublin city grew by +2.75% to €373,333 since June – almost twice the growth experienced in the same area in Q2 as buyers chase a scarce supply of suitable housing.

In Dublin, one agent, Ed Dempsey in Clonskeagh, is reporting increases of €25,000 for sale prices over the past three months, with the average three-bed semi increasing by 5.49% from €455,000 in June to €480,000 now – a rise of 9.09% year-on-year.

Other Southside Dublin agents are reporting that the autumn market is stronger than Q2, with the lower and middle ends of the market beginning to move due to a release of pent-up demand.

Prices in the tier containing commuter counties and the main cities of Cork and Galway have risen by an average of just under €3,000 to €217,176 (+1.21%) while those in the rest of the country have increased by nearly €5,000 to €133,268 (+3.55%).

“We are seeing little or no increase in supply nationally, with an increase in funded buyers fueling the market in the short-term,” said REA Chairman Michael O’Connor.

“Many of our agents are now reporting some buyers are returning to the market having achieved a level of savings, and that there is an increase in mortgage-funded purchases.

“The average amount of cash buyers has fallen by 3% to 33% nationwide, but in Dublin city that figure is down by 7% in three months, with 72% of transactions now mortgage-funded.

“The early effects of the Central Bank restrictions had previously seen prices drop in the capital in the year to Q1 2016, but a combination of a longer time period to save and pressure on supply is manifesting itself in price growth.

“Our agents are also reporting that many first-time buyers seem to be holding fire in the hope of increased incentives in the upcoming budget.”

“The Central Bank’s mortgage deposit rules are still being keenly felt in the commuter areas, with most rises occurring in towns where three-bed semis are available for under the deposit threshold of €220,000

The immediate aftermath of the Brexit vote has had an effect in the north west where Donegal is the only county to register a three-month fall on -1.73%.

This has been most keenly felt in traditional holiday home spots such as Bundoran where the average three-bed semi has dropped by -3.41% in three months from 88,000 to 85,000.


Ends

Available for interview:
Michael O’Connor, REA chairman and auctioneer.
087 259 7034 michael@reaoconnormurphy.ie

Media information: Darren Hughes, 086 293 7037, Darren@mediaconsult.ie








REA Q2 Average Property House Price Index11 July 2016

A nationwide supply shortage has fuelled a rise of over 2% in the price of the average house in the last three months, according to a national survey carried out by Real Estate Alliance.

The majority of counties in the State recorded price increases in Quarter Two this year, the latest Real Estate Alliance Average House Price Survey has found.

However, it is the lack of supply of suitable properties in a scarce market that has caused these rises, exacerbated by the effect of would-be commuters moving ever further from Dublin to acquire affordable homes.

“We are seeing firms who are in business for 50 years who have never experienced such a low level of supply, and this is responsible for causing sharp increases in prices in some areas over the past three months,” said REA Chairman Michael O’Connor.

The average three bed semi nationally now costs €195,361, an increase of over €4,000 (+2.18%) since the end of March. This is a rise of 4.49% against the same time last year.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of Q2 this week.

While prices in Dublin city and county grew by +1.4% to €363,333 since March, competition for scarce housing below the Central Bank’s €220,000 deposit limit in both the inner and outer commuter areas is fuelling an inflationary market.

Prices in commuter counties, Cork and Galway have risen by €5,000 to €214,588 (+2.4%) while those in the rest of the country have increased by over €3,000 to €128,768 (+2.75%).

Three-bed semi prices in Kilkenny city rose by €20,000 or 12.5% in the past three months, a figure that is entirely driven by record low supply, according to Michael Boyd of REA Boyds.

"Our analysis of the Price Register tells us that there are 15 less units per month selling in the county than this time last year – and that this is the lowest level since these records began,” he said.

“We are finding that demand is strong, mainly from loan-approved returned emigrants or Eastern European buyers.

“We desperately need new building to start, especially as prices for quality stock are now well into viable levels for builders to commence."

As the flight to another of the outer commuter counties continues, prices in Laois have risen by €10,000 (+8%) in the past three months.

Prices in Kildare (€242,500) have remained static in the four main towns, due to a low supply of suitable housing stock, combined with a relatively higher price to neighbouring counties.

In contrast, Meath has now broken the €200k barrier (€201,250) following a 3.21% growth in three months, as Dublin–based commuters move out to houses they can afford under the Central Bank’s deposit guidelines.

In Wicklow, prices in Blessington have risen from €240,000 to €265,000 in a three-month period, a rise of 10.42%, with agent REA Murphys advising that there is a bubble in the three bed semi market.

Prices in the county as a whole have gone up by 4.44% to €235,000 over the past three months.

Louth continues to act as a microcosm of commuters travelling further in search of affordable homes with Dundalk enjoying a rise of 11.1% in three months (€150,000) while pricier homes in Drogheda (€203,000) have risen by just over the national average at 2.78%.

“There is no doubt that the major factors affecting the Irish property market at the moment are supply of housing, the Central Bank restrictions, the banks’ mortgage lending policies and high rents,” said REA Chairman Michael O’Connor.

“We have seen each of these influence the market to different degrees over the past 15 months.

“The Central Bank restrictions were brought in to calm a market bubble but we are now seeing the lack of supply very definitely fueling house price inflation on its own.

“We now need to address the roadblocks in the way of building new suitable family homes.

“We feel that the State ultimately needs to implement a 50% vat reduction on new homes, backed up by rebate schemes on local development charges on a nationwide basis.

“Nama need to accelerate sales of land on the open market as well as selling through loan sales.

“In conjunction, there is a need to fast track planning within the correct zoning for urban land bought within the next two years.”

In North County Dublin, the market has stagnated due to a lack of new builds while south County Dublin has grown by 2.19% to €350,000 and Dublin city only by 1.4% to €363,333.

“Where property is moving in Dublin it is due to supply fueling rises or investors looking to exit the market, even in spite of increasing rents,” said Michael O’Connor.



Ends

Available for interview:
Barry McDonald, REA McDonald, Lucan, 086 387 3800, 01 6280625, barry@reamcdonald.ie
Anthony McGee, REA McGee, Tallaght, 087 2799332, 01 4057700, Anthony@reamcgee.ie

Media information: Darren Hughes, 086 293 7037, Darren@mediaconsult.ie





Average age of first-time buyer rises to 3407 June 2016


The average age of the first-time buyer in Ireland has risen by five years to 34 over the past decade, with a leading estate agency group predicting that home ownership may soon be a pipedream for those in their twenties.

In 2006 the average first-time buyer in Ireland was approximately 29 years old, but, according REA, this figure has increased by 17% and is still rising due to a combination of circumstances.

The Alliance’s index of first-time buyers reports that the age profile has risen from average of 33 in the past 12 months, with a combination of factors are barring the entry of young people into the housing market.

Real Estate Alliance (REA) agents around Ireland are reporting that first-time buyers in their twenties and early thirties are now mainly absent from the market for properties priced over €160,000.

“A definite two-tier system has emerged over the past year nationwide, with €160,000 emerging as the breaking point for interest from buyers in that age group – ruling out most properties in Dublin,” said REA Chairman Michael O’Connor.

Another huge factor in the first-time buyer market has been the recent strength of buyers from outside Ireland who have been typically living and working here for over a decade now putting down roots and buying houses.

“In areas such as Carlow, REA agents are reporting that 30% of first-time buyers are now from Eastern Europe, a percentage that has grown rapidly over the past two years,” said Mr O’Connor.

“The biggest factor influencing the market this year has been the Central Bank deposit rules which have created a two-tier system, ruling out home ownership for many young people due to over-restrictive guidelines,” said REA Chairman Michael O’Connor.

“The introduction of the Central Bank’s requirements, combined with higher rents, has made it increasingly difficult for young people to save deposits, especially in Dublin.

“House ownership is now off the table for many couples earning average salaries, with their only hope of purchase now coming from an injection of outside help, usually from close relatives.

“From a Dublin price perspective, the rules don’t make sense, with the combination of the deposit rates and the multiplier falling far short of our average three-bed semi price in Dublin city and county of €334,000.

“A couple on a combined average industrial wage income of €74,000 can borrow 3.5 times their income, making a total of €259,000.

“Many of them will struggle to raise a deposit of €35,000, but if they do, it gives gives them a maximum buying power of €294,000.

“Those figures, and the level of savings required, go a long way to explaining why the average age of our first-time buyer is being pushed upwards.

“Many potential purchasers are in rented accommodation and are having difficulty in paying high rents and saving for a deposit for houses that they would otherwise comfortably afford.

“While we welcomed the introduction of guidelines from the Central Bank, we feel that they are not reflecting the reality of the market.

“For example, the mortgage multiplier is 4.5 times income in the UK and this is something that we need to revisit under current rules.

“We also need the Central bank to acknowledge that the market for first-time buyers is being stalled by second-time buyers being unable to move out of their starter homes due to the restrictions of the Central Bank rules.

“They need the same 10% deposit derogation as first-time buyers and the notional €220,000 limit needs to be raised to reflect the reality in the area of most need – Dublin.”

Interestingly, the age may be lowering the further out the commuter belt you go as REA Coonans in Maynooth are reporting that their average first-time buyer is in their early thirties.

REA agents nationwide are noting the rise in buyers from outside Ireland who have been typically living and working here for over a decade now putting down roots and buying houses.

“In some Dublin areas, non-national purchasers are forming a large part of the first-time market, providing stimulus at a time when there is little movement in that sector,” said Anthony McGee of REA McGee, who are based in Tallaght.

“Although it is cheaper to buy than rent, large numbers of people are stuck in long-term high-cost renting which is effectively ruling them out of ever saving a deposit under the current rules.”

The availability of mortgage finance is cited as an issue country-wide with
Healy Hynes of REA Hynes in Athlone reporting that the vast majority of loan approvals are for under €100,000.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Ends


Available for interview:
Michael O’Connor, REA chairman and auctioneer.
087 259 7034 michael@reaoconnormurphy.ie

Media enquiries:

Agents View - Sunday Independent01 June 2016

If you build it, they will come …..
With apologies to Kevin Costner – you have to build them, the would-be occupiers are already here.
There is no single solution to meeting the housing needs of the population – just a series of joined-up actions that are readily achievable if the will is there.
What we need now is for the three main players in the game – The Government, the Central Bank and Nama, to put their heads together and agree a realistic stimulus policy to allow movement in the entry section of the market.
This needs to be the direct opposite of the present “don’t just do something, stand there” approach.
Nama need to accelerate sales of land on the open market as well as selling through loan sales.
In conjunction, there is a need to fast track planning within the correct zoning for urban land bought within the next two years.
This combination alone will allow medium-sized developers to purchase land and build – and remove the risk of sites going into further cold storage.
The SCSI have estimated the cost of delivery (including margin) of a three-bed semi in Dublin at €330,493 – almost equal to the €334,000 average cost of the same home in the recent REA Q1 Average House Price Survey.
A couple on a combined average industrial wage income of €74,000 can borrow 3.5 times their income, meaning a total of €259,000.
Adding a deposit of €35,000, gives them a maximum buying power of €294,000.
So how do you bridge the gap between delivery cost and average buying power?
Firstly, we need to revisit the multiplier and raise it to 4.5 times income, as it is in the UK.
Secondly, we need to acknowledge that the market is being stalled by second-time buyers being unable to move out of their starter homes due to the restrictions of the Central Bank rules.
They need the same 10% deposit derogation as first-time buyers and the notional €220,000 limit needs to be raised to reflect the reality in the area of most need – Dublin.
Lastly, the argument against reducing Vat on new builds is that it will reduce income to the exchequer.
Building and selling 100 houses at a 50% Vat reduction raises a lot more income than none at the full rate.
As Mr Costner might have said: If you build it, they will buy. If you don’t, we are looking at a field of nightmares.

Michael O’Connor – REA O’Connor Murphy, Limerick and Chairman of Real Estate Alliance
www.realestatealliance.ie

Q1 REA Average House Price Survey 29 March 2016

A new wave of house buyers are prepared to commute for over an hour to secure properties at the right price, according to a national survey carried out by Real Estate Alliance.

The Q1 REA Average House Price Survey has revealed price rises in outer commuter ring locations such as Laois and Offaly are being driven by Dublin-based first-time buyers being forced further out from the capital by the Central Bank’s deposit rules.

REA also report seeing a decrease in the amount of first-time buyers between the ages of 25-40 attending viewings in the Dublin housing market in the first quarter of 2016.

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

The average three-bed semi nationally now costs €191,194, a rise of €2,824 (1.5%) on the figure to the end of December.

The average price of a three-bed semi in Dublin City and County has risen by 0.6% from €332,000 to €334,000 in the first three months of the year.

This activity is driven in part by new building activity in the north of the county and pockets of south Dublin which have seen the return of the cash buyer to the market.

The proportion of cash buyers in the Dublin market has risen for the first time in two years, from 33% to 36% over the past three months, with some areas such as Dublin 6 and Dun Laoghaire registering a 25% increase in cash purchasers over the past three months.

The Central Bank’s deposit rules and the lack of suitable supply are continuing to stagnate the market for mortgage buyers in the capital and commuter areas.

While prices have risen slightly by €2,706 (+1.31%) to €209,559 in the commuter counties and main cities such as Cork and Galway, these rises are confined to the few towns that have new developments on the market.

The biggest growth has been in towns in the rest of the country where prices have risen by 9.58% in the past year, and 2.59% since December, with the average three bed semi increasing from €122,161 to €125,321.

However, REA agents around the country state that many local rises are now being caused by lack of stock driving up prices.

“We are seeing a marked absence of the 25-40 year olds at viewings in the capital over the past few months as, under the current Central Bank restrictions, they are finding it impossible to raise the deposits needed to purchase houses over the €220,000 limit,” said REA chairman Michael O’Connor.

“Conversely, we are seeing growth in commuter interest in counties previously considered at the edge of the daily travelling limits such as Laois (€125,000 +4.17%) and Offaly (€140,000 +3.7%), simply because the price is right.

“Louth is the perfect example of this trend in commuter migration. Drogheda prices remained static at €197,500 in Q1 while commuter interest caused prices to rise by €10,000 to €135,000 in Dundalk, which is 35km further away from Dublin but over €60,000 cheaper on average.

“Although supply is extremely limited, suitable properties are now being bought in these areas by buyers who are prepared to travel over an hour to work in the capital.

“Lack of supply of suitable housing is the paramount issue nationwide, and while we have had rises in many areas, they are primarily driven by buyer competition for low supply.”

With prices rising by 5.1%, and viewings up substantially, Limerick was Ireland’s fastest growing city in Q1, with three bed semis increasing by €8,000 to their current level of €165,000.

Growth continued in Cork city (+1.75%) and Waterford (+1.61%), while the market in Galway remained static in Q1, with no new developments expected in the Connacht capital until 2017.


Ends

Available for interview:
Michael O’Connor, REA chairman and auctioneer.

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037




REA Property Expo huge success in NY09 March 2016

The first Irish property exhibition held in New York City has been hailed as a huge success by organisers Real Estate Alliance, who met with 425 potential buyers last weekend.

REA members were delighted with the business done at the exhibition in Manhattan's Fitzpatrick Hotel, with 90 customers planning to set up arrangements with REA agents to talk further over the next two months and 25 inspections trips already planned for specific properties.

32% of the attendees were Irish families looking to return home, 19% were retirees looking to downsize, and 17% were young Irish people returning to work.

5% of attendees were searching for a holiday home and another 3% were keen to buy a second home with ties to family in Ireland.

A survey of attendees also found that 16% were investors while 8% were US-based people who have homes in Ireland and were looking for them to be either sold or managed.

70% of those questioned at the ground-breaking exhibition aim to buy property in Ireland within the next two years.

“Our agents were really pleased to meet with so many potential buyers and they expect those conversations to very quickly convert into sales,” said REA chairman Michael O’Connor.

“Those present showed interest in a vast spectrum of price ranges as the attendees came from a number of buyer groups.

“Many of those US buyers have already made plans to travel to Ireland to view their potential properties, with a number of Irish-
American buyers due to visit for the centenary celebrations over Easter and the summer break.”

Almost one in six overseas enquiries about Irish property are now coming from the United States, according to a nationwide REA survey.

The established survey of REA members shows that enquiries from the US increased from almost zero to 16% in 2015. And this is signaling the first major return of emigrants who feel that the time is right to move back to Ireland.

“The average house price in the US in November 2015 was $374,900 (€341,656), compared to our Average House Price survey national value of $210,094 (€188,370), so there is obvious value for American buyers in Ireland,” said Michael O’Connor.

“Many young Irish families looking to move home mentioned the cost of education and healthcare in the US as a major factor for returning to Ireland,” said Michael O’Connor.

“As children grow towards college age, parents may be facing costs of approximately $60,000 per year, with even secondary education costing a minimum of $15,000 per annum.

“The investment sector proved stronger than we would have anticipated, with 16% of those attending seeking to purchase a buy-to-let property in Ireland while 8% were US Citizens with properties in Ireland who may have inherited them and require agents to manage the properties or sell them.

“The majority of attendees were interested in buying a house with just 20% aiming to purchase an apartment.

“In the main, our young Irish people looking to return for work are seeking out properties in cities, while couples with children are looking for properties on a nationwide basis, close to their family.”

The exhibition was also attended by 20 US-based realtors with the aim of introducing buyers to Irish agents, while there was also significant media interest in the US.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Ends

Available for interview:
Michael O’Connor, REA chairman and auctioneer +353 (0) 87 259 7034 michael@reaoconnormurphy.ie

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037


REA present properties in New York 3rd March16 February 2016

A strong dollar and the lure of a resurgent economy for emigrants has seen US property buyers flocking to secure homes and investment properties in Ireland in recent months, a new survey has found.

And for the first time, US property buyers are being offered the chance to view thousands of Irish properties, and to talk to the people selling them, at the Real Estate Alliance Irish Property Exhibition in New York.

Real Estate Alliance (REA) are giving interested buyers the chance to view and talk to local Irish agents in comfort at the Fitzpatrick Hotel, Grand Central Manhattan on Thursday March 3 from 5-8pm.

Almost one in six overseas enquiries about Irish property are now coming from the United States, according to a nationwide REA survey.

The established survey of REA members shows that enquiries from the US increased from almost zero to 16% in 2015.

And this is signalling the first major return of emigrants who feel that the time is right to move back to Ireland.

“While there has always been interest from the US market, this has increased markedly in a year that saw a 22% increase in overseas enquiries about Irish property,” said REA Chairman Michael O’Connor.

“The average house price in the US in November 2015 was $374,900 (€341,656), compared to our Average House Price survey national value of $210,094 €188,370, so there is obvious value for American buyers in Ireland.

“Overall, calls from overseas buyers represented 19% of all enquiries received by REA agents in 2015 and 16% of total sales.

“49% of our enquiries came from the UK, 8% from continental Europe, 10% from Australia, but the real surge in new interest came from the US.”

To register for the property exhibition, go to www.realestatealliance.ie or email newyork@realestatealliance.ie.


Fitzpatrick Grand Central - 141 East 44th Street at Lexington Avenue New York, NY 10017

-          3rd March 5-8pm

Available for interview:
Michael O’Connor, REA chairman and auctioneer 0353 87 259 7034 michael@reaoconnormurphy.ie


Media enquiries:

Darren Hughes, MediaConsult, darren@mediaconsult.ie, 00353 86 293 7037

REA Predictions for 201625 January 2016

The effects of the Central Bank’s restrictions of mortgage deposit lending has caused some estate agents in Dublin to predict another year of price falls in 2016.

A survey carried out for the Irish Independent by the Real Estate Alliance Group has found that agents in Dublin expect prices to rise by just 0.3% on average in 2016.

However, some agents in South County Dublin are predicting that prices will fall a further -3.5% next year, after a 12 month period which saw -9.3% wiped off the value of the average house in the area.

In the Dublin city area, some agents remain just as sceptical of the coming year as they feel that without Government intervention rising rents, a lack of suitable supply and the punitive mortgage deposit rules for second time buyers will combine to see prices drop by -5% in areas such as Tallaght and Rathfarnham.

Overall, agents in the Dublin city area are predicting rises of just 1.5% over the next 12 months.

This is in comparison to the nationwide average expectation of a 5.6 per cent rise in property prices next year.

While many Dublin agents reported zero growth in the fourth quarter of 2015, Rathcoole (-3.33%), Lucan (-1.82%) and Tallaght (-2.5%) suffered drops.

The Central Bank rules remain the key driver for growth or stagnation, especially in the Dublin area, with one agent predicting a rise of 3% if the rules are amended and a challenging market if they are not.

 And as investors continue to exit the rental market, agents have predicted that rents will rise by 7-10% in 2016, further excluding people from saving deposits to get on the housing ladder.

Agents in the three main cities outside Dublin are more optimistic, with rises of 10% predicted in Limerick, 7% in Cork city and 3% in Galway.

The outlook for the commuter belt is ruled completely by the anticipation of new housing coming on stream in 2016.

Where this is the case, agents are optimistic. Where there is nothing in the pipeline, many feel that growth will be close to zero due to the lack of supply of suitable housing.

Agents in Meath have predicted just a 1.5% rise on average, after 3.72% average increases in 2015, with Navan and Ashbourne both expected to experience zero growth in the coming year.

“Our agents in Meath are predicting that unless there are government changes there will be no improvements next year,” said REA Chairman Michael O’Connor.

“They are seeing at first hand how difficult it is for developers to access finance and also build at a profit.

“If this is not addressed through a combination of measures, then we will see a situation where we will be left with little or no supply in crucial areas.”

Agents in Kildare endured price falls in Q4, mainly driven by supply issues, and after a year that finished flat on 2014, are predicting a maximum of 3.5% growth in 2016.

“We are seeing predicted stagnation in towns like Newbridge, which are still affordable commuter areas with average prices at €195,000, due to the fact that there are no new estates coming on stream,” said Michael O’Connor.

“Where there is any new building taking place, there are suitable properties to purchase or there is value for the first-time buyer, then agents’ expectations are higher.

“Around the country, we are seeing property markets in many areas making their first steps to recovery, albeit from a low base.

“And this recent growth is reflected in the confidence of their local agents with double digit rises predicted in Leitrim (11%), Monaghan (10%), Roscommon (10%) and Donegal (10%).”

Ends

Real Estate Alliance Property Show – New York 3rd of MARCH 201619 January 2016




Almost one in six overseas enquiries about Irish property are now coming from the United States, a national estate agents survey has found.

US property buyers are flocking to secure homes and investment properties in Ireland, buoyed by a strong dollar and the lure of a resurgent economy for emigrants, the Real Estate Alliance nationwide survey has found.

A survey of REA members shows that enquiries from the US increased from almost zero to 16% in 2015.

And this could signal the first major return of emigrants who feel that the time is right to move back to Ireland.

“While there has always been interest from the US market, this has increased markedly in a year that saw a 22% increase in overseas enquiries about Irish property,” said REA Chairman Michael O’Connor.

“Overall, calls from overseas buyers represented 19% of all enquiries received by REA agents in 2015 and 16% of total sales.

“49% of our enquiries came from the UK, 8% from continental Europe, 10% from Australia, but the real surge in new interest came from the US.

“The average house price in the US in November 2015 was $374,900 (€341,656), compared to our Average House Price survey national value of €188,370, so there is obvious value for American buyers in Ireland.”

And Real Estate Alliance are offering Irish property vendors the chance to cash in on this mini-boom by registering for the Alliance’s upcoming New York Property Exhibition – the first of its kind to be held in the US.

REA are bringing thousands of properties to New York, giving a host of US buyers the chance to browse in comfort and talk to the experts on the ground.

The exhibition takes place in the Fitzpatrick Hotel at Grand Central, Manhattan from 5-7pm on March 3.

According to REA agents, 31% of overseas buyers are moving to Ireland to live and work, while 29% are purchasing a home for their retirement and 20% are purchasing as an investment.

32% of all overseas purchases in 2015 were completed for less than €100,000 and a further 20% of sales fell in the €100,000-€150,000 bracket, while 31% were properties sold for over €200,000.

The majority of buyers (41%) are aged between 40-50 and 28% are aged 30-40.

“US buyer interest is particularly strong in many undervalued rural counties and scenic locations and for the first time in the bigger cities, mostly from emigrants who feel that the time is right to return,” said REA’s Michael O’Connor.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA New York Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie/NewYork or send an email to register for the event at info@realestatealliance.ie.

Available for interview:
Michael O’Connor, REA chairman and auctioneer 087 259 7034 michael@reaoconnormurphy.ie

Eamonn Spratt, REA vice-chairman 086 2531277 eamonn@reaspratt.ie

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037

REA Q4 Report 201521 December 2015

Average house prices in Dublin city and county fell by over 6% in 2015 as a combination of lack of suitable supply, high rents and the Central Bank’s deposit rules stagnated the capital’s market, according to a national survey carried out by Real Estate Alliance.

The average house in Dublin city and county now costs €332,000, down €21,500 (-6.08%) on last December’s price, the Q4 REA Average House Price has found.

And while prices in the capital have been hit following large increases in 2014, values in the commuter counties and the larger cities have grown by 4.58% in the 12-month period, with the average house now costing €206,853.

However, the biggest upsurge this year has been in the rest of the country, where towns have seen growth of 9.31%, and average prices have risen from €111,518 to €122,161.

Ireland’s largest cities have had a strong fourth quarter, with Cork (+3.64%), Galway (+4.17%), Limerick (+1.29%) and Waterford (+2.84%) all turning in their best performances since the survey began in 2013.

The average semi detached house nationally now costs €188,370, the Q4 REA Average House Price Survey has found – a slight rise on the Q3 figure of €186,102.

Prices in Dublin city and county fell by -0.75% in Q4, while Dublin city alone fell by -0.69% – the average three-bed semi now costing €357,500.

However, the biggest growth was in the rest of the country outside the commuter belt and larger cities, where house prices increased by 0.95% in the last three months.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of the selling season in December.

The lack of suitable supply is the biggest influence on the property market nationwide, according to REA Chairman Michael O’Connor.

“What we have seen in the last three months are prices only increasing in areas that are offering people the accommodation that they require,” he said.

“People may want to buy housing, but if suitable properties are not available, they will not buy.

“We are seeing a lack of supply of good quality three-bed semi-detached houses across the country, and a desperate need for new developments.

“In many areas, the properties available in the sub-€220,000 level are either apartments, houses that are too small or need too much investment to bring them up to standard.

“The market is still stalled at the second–time buyer level, due to the restrictive nature of the Central Bank’s deposit lending rules.

“Many potential second-time buyers now only have the option of renting bigger houses and letting out their own, as they are not able to afford the 20% deposit to be able to purchase.

“There are very few suitable houses to buy at the lower end of the market for first-time buyers because potential second-time buyers have no way to trade upwards.

“While Dublin was the first region to recover, followed by the commuter areas, we are now seeing an increase in values in our largest cities outside Dublin a year later, and one-by-one our smaller towns have started to see increases.

“For the first time we are seeing developers trying to buy land in the anticipation of building as it is now economical to build in some of our larger cities.”

Prices in Kerry rose by 4.12% to €177,000 in Q4, while Munster neighbours Clare saw their average price go up 2.19% to €140,000 with both increases being fuelled by lack of supply, according to local agents.

Tipperary (+1.38% to €155,000) also saw house prices rise mainly due to a severe lack of suitable supply, while Monaghan (+2.56% to €120,000) experienced its first increase since 2008.

In Carlow (+1.07% to €142,000), local agents report a market influenced by repossessed properties negatively affecting values and while prices are rising, they are still selling at much less than build cost for developers.

The cash buyer is still more prevalent in country areas (47%) than in commuter counties (31%).

In the commuter counties, there was an average 1% increase in Wicklow, due to increased activity in Wicklow town up 3.77% (€265,000 to €275,000) and Bray up 1.54% (€325,000 to €330,000).

Meath and Louth were stagnant in Q4, with time taken to sell increasing from six to eight weeks on average in both counties.

However, three of the four REA agents in Kildare (with the exception of Naas) reported slight falls of -2.05% as lack of supply stifled the market in Q4, reducing average prices to €238,750.

In Dublin, the upper end of the market remained stagnant after suffering mid-year falls, as the seismic effects of the Central Bank rules are felt in the lower end of the market.

House prices in South County Dublin fell by -1.45% in Q4, with the effects being felt in sub-€290,000 housing.

House prices fell by €10,000 to €210,000 in three months in Tallaght (-4.55%) and by €5,000 in Lucan (-1.82% to €270,000).

“Constantly increasing rents have made it almost impossible for first-time buyers to save the deposit required,” said local agent Anthony McGee of REA McGee.  

“An average couple who are paying €1,400 a month to rent a two bed apartment in Tallaght, running an car and paying for childcare, cannot afford to save upwards of €20,000 for a deposit.

“And what is so frustrating for them is that what they are paying in rent exceeds the cost of a mortgage in the same property.”


(See case study for Tallaght)




Available for interview:
Michael O’Connor, REA chairman and auctioneer.
087 259 7034 moconnor@reamcdonald.ie

For comment on Dublin market:
Anthony McGee, REA auctioneer
087 279 9332

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037



 



Reversal of Fortunes for Tallaght Q4 201521 December 2015

The issues being experienced in Dublin’s typical average first-time buyer area, Tallaght, have typified the flux currently being experienced in the market.

Average three-bed semi prices in Tallaght and its environs have fallen by €10,000 (-4.55%) in the last three months, with three-bed semis now making €210,000.

“There are a number of major factors influencing the market in Tallaght, and throughout similar areas of South Dublin,” said local agent Anthony McGee of REA McGee.  

“Constantly increasing rents have made it almost impossible for first-time buyers to save the deposit required.

“An average couple who are paying €1,400 a month to rent a two bed apartment in Tallaght, running an car and paying for childcare, cannot afford to save upwards of €20,000 for a deposit.

“And what is so frustrating for them is that what they are paying in rent exceeds the cost of a mortgage in the same property.

“This is a huge first-time buyer market where people would traditionally rent for three or four years before buying.

“However, we now see people renting for 10 years because they will never be able to save the deposit.

“We have notice a trend recently whereby foreign nationals with good jobs have been leaving rented accommodation to return home purely because they cannot afford the rent and can never see themselves owning a house.

“House prices have fallen because there is a lack of suitable properties coming on stream and there isn’t a huge amount of people viewing or bidding as they are stuck in this rental mess.

“People have a limit and they will walk away rather than go above that number.

“The fact that loan offers are only lasting three months is proving to be very frustrating to buyers in an era of low supply.

“People getting lost in a maze of loan approval, which has to restart after three months.

“The rental market is contracting at a rate of knots as every house that we sell is now being bought by an owner-occupier.

“There are no new investors in the lower of the market. You can achieve double-digit yields if finance is available, but the banks are not lending to them
“A lot of existing landlords, who would see the potential in these yields, are in negative equity and will not get finance.”

Nationwide development rebates needed to solve housing supply crisis19 November 2015

The Government needs to impose the proposed local development charge rebate scheme on a nationwide basis in order to ease the current housing supply crisis, a leading estate agency group has advised.

Failure to recognise that supply problems are not just an issue in Dublin or Cork will do little to alleviate the current impasse which has led to a nationwide accommodation shortage, according to Real Estate Alliance.

“Although the Taoiseach has confirmed that the Government will introduce a local development charge rebate scheme for large housing projects in Dublin and Cork, they are failing to recognise the fundamental supply issues that exist in urban areas nationwide,” said REA Chairman Michael O’Connor.

“Our REA Average House Price Survey has consistently shown the extent to which a lack of supply has driven people out of the housing market and into a crowded rental space across the country.

“In concentrating on urban areas around the country, we have seen micro markets opening up, with specific towns in counties behaving completely differently, influenced by the availability of small numbers of starter homes.

“And further evidence of the nationwide shortage is shown in the recently announced 80% fall in available rental properties compared to this time last year.

“The cause of this nationwide lack of suitable housing supply, especially in three-bedroomed semi detached homes, is that builders cannot yet sell at a profit.

“The average price of a three-bed semi in our Q3 survey was €188,102 – and in simple terms, a builder needs to achieve €200,000 from the sale of a new home to cover the cost of construction.

“There is still a huge gap in the cost of building and bringing a house to the point of sale, and what it can achieve on the open market. Unless that is closed, we will continue to have a national housing crisis in the short term.

“In urban areas around the country, the market value of a house is in the order of €130 to €150 per square foot.

“However, the cost of building and bringing a house to the point of sale varies between €220 to €250 per square foot – a figure that is even higher in Dublin.

“In an environment where such a big gap exists, there is no incentive to start building, and the State must work to close this uneconomic gap.

“We feel that the State ultimately needs to abolish the 13.5% VAT rate on new homes, backed up by introducing the proposed local development charge rebate scheme on a nationwide basis, a combination of measures which will reduce the cost of a new house by €60,000 on average.

“Introducing a zero vat rate on new homes would reduce a €250,000 property to €220,000.

“The €30,000 presently charged on such a house is an inequitable burden on a young couple who are forced to borrow that sum over the life of a mortgage to pay tax.

“Coupled with the rebate on the local development charge should bring a three-bedroomed family home priced at €250,000 down to something in the order of €190,000.

“This will provide an incentive for the supply chain, but the State also needs to look at the effect that the mortgage deposit rules have had on buyer confidence.

“Just as many couples cannot afford to get on the housing ladder, second-time buyers cannot move and free up cheaper properties for new entrants.

“It is now time the Central Bank revisit the rules, raise exemption limits and include second-time buyers.

“We propose that the price ceiling for first-time buyers should be extended to €330,000 – in line with the average values in Dublin and secondly, second-time buyers should be assisted by allowing them to borrow 90% up to €220,000 as the current requirements are too prohibitive.

“Either of our two options will provide stimulus to allow the market to function, but together, they will provide a sensible solution to solving what is a nationwide housing crisis.”

Michael O’Connor of REA O’Connor Murphy, Limerick, was appointed Chairman of Real Estate Alliance at the Alliance’s recent AGM. Eamonn Spratt of REA Spratt, Dungarvan has been appointed as Vice Chairman.


Ends



Pic enclosed

Sample caption: Michael O'Connor of REA O'Connor Murphy, Limerick, who was appointed Chairman of the Real Estate Alliance Group at the Alliance's AGM in Limerick.

Available for interview: Michael O'Connor, Chair, Real Estate Alliance, 087 2597034

Media information: Darren Hughes, MediaConsult, 086 293 7037, darren@mediaconsult.ie

REA Leinster Auction a success21 October 2015

The first REA Leinster auction was a terrific success, with more than €3,500,000 worth of  residential and commercial property sold – with some going for more than 60% over their AMVs.

Eighteen properties were sold under the hammer at the auction in the Louis Fitzgerald Hotel in Newlands Cross, Dublin, on the day at an average price of 21% over their AMVs. An additional four properties are expected to close under private treaty negotiations.

There was widespread interest in the auction with bidders at the hotel being joined by hopeful investors calling in bids from Australia, Canada and the UK.

Harry Sothern, REA Leinster Auction, said: "We are very satisfied with how the auction went. Of the properties sold we had an average price of 21% over the AMV with some properties in fact achieving more than 60% over their AMVs. Bidding came in from Australia, Canada, England as well as locally. We sold a number of properties immediately after the auction and expect to close more in the coming days. Overall we are very satisfied and look forward to running the next Leinster auction in November"

Local agents involved in the auction said that with properties under negotiation expected to conclude in the coming days, they anticipate the auction will have a success rate of 85% when all is finalised.

REA has 26 estate agents in Leinster and 55 nationwide.


For Further information please contact Ed Dempsey (086 172 4449), or
Richard Burke or Craig McKechnie 01 531 3532

REA Average House Q3 survey - Rule change needed as spiralling rents rule out house buying for many12 October 2015

The average three-bed semi in South County Dublin has seen €15,000 wiped off its value in three months as the new deposit rules stifle the higher end of the market, according to a national survey carried out by Real Estate Alliance.

And spiralling rents will cut off mortgages as an option for many young couples unless the Central Bank revisit their deposit rules, raise exemption limits and include second-time buyers, according to REA.

Just as many couples cannot afford to get on the housing ladder, second-time buyers cannot move and free up cheaper properties for new entrants and causing a logjam in the capital.

While the average house price in Dublin city and county has fallen by over €5,000 in the past three months, South County Dublin has been the hardest hit in the country, with prices falling by -4.17% since the end of June.

The average semi detached house nationally now costs €188,102, the Q3 REA Average House Price Survey has found – a slight rise on the Q2 figure of €186,968.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of September.

The price of an average three-bed semi in Dublin city and county has fallen by -1.47% from €339,500 to €334,500 since the end of June.

“Our agents on the ground in Dublin are reporting a growing withdrawal of couples aged between 25-40 from the market due to the new mortgage deposit regulations,” said REA Chief Executive Philip Farrell.

“When the Central Bank introduced the new rules, they stated that they could revisit them, and we believe that they need to do so as a matter of urgency.

“We believe that the new borrowing requirements are exceeding their desired affect and are now starting to prevent the market from functioning in a cohesive manner.

“We propose that the price ceiling for first-time buyers should be extended to €330,000 – in line with the average values in Dublin and secondly, second-time buyers should be assisted by allowing them to borrow 90% up to €220,000 as the current requirements are too prohibitive.

“Falling house prices are not a sign of success or affordability, they are falling because young people cannot afford to qualify for a mortgage, and second-time buyers cannot afford to move out of houses in the €220,000 band.”

Rising rents have had a huge effect on the Dublin market according to Anthony McGee of REA McGee in Tallaght, where prices have dropped -4.3% to €220,000.

“A typical couple are now being expected to pay rent of €1,200 a month on a two-bed apartment in Tallaght.

“When you combine this massive rent with childcare and other expenses, there is very little chance that people will then save the 10/20% deposit required on a property.”

Prices in North County Dublin have decreased by -1% to 247,500 and Dublin city by -0.83%.

There has also been an increase of 5% in the amount of cash buyers (34%) in the Dublin city market, reversing an 18-month trend that has seen mortgage buyers increase.

The average three-bed semi price rose by 0.71% to €206,676 in Tier two – the commuter counties and the larger cities over the three month period.

“Average properties in the extremes of the outer commuter belt also felt an increase in Q3, with Kilkenny rising by 5.45% to €145,000 and Westmeath growing by 4% to €130,000 – both figures well inside the first-time buyers threshold,” said Philip Farrell.

“However, in previously growing areas such as Cork and Galway cities, the market is flat due to prices being over the first-time buyer threshold.

Prices in the rest of the country grew by 2.70% in Q3, to €120,786.

The biggest upward movement in prices over the past three months have come in Roscommon (+8.33% to €65,000), Cavan (+7.79% to €70,000) and Monaghan (6.36% to €117,000) – counties operating off a low base that have not previously felt the benefit of the property uplift that took hold in 2014.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Ends

Available for interview:
Barry McDonald, REA spokesperson and Dublin auctioneer.
086 387 3800 bmcdonald@reamcdonald.ie

Media enquiries:
Darren Hughes, MediaConsult, darren@mediaconsult.ie, 086 293 7037

€6.5m of commercial and residential property to go under the hammer at first REA Leinster Auction01 October 2015

€6.5m of commercial and residential property to go under the hammer at first REA Leinster Auction

Louis Fitzgerald Hotel, Newlands Cross, Dublin on the 15th of October

The Real Estate Alliance, one of Ireland’s biggest estate agent groups, has announced the first in a series of auctions comprising properties from its members throughout Leinster.

The first REA Leinster Auction will be held at the Louis Fitzgerald Hotel, Newlands Cross, Dublin, on October 15th. More than 35 residential and commercial properties from throughout the 12 counties will go under the hammer, with the auction expected to raise in excess of €6.5m.

Among the properties up for sale are a hotel in Carlow, office units at Baker’s Corner in South Dublin, an industrial premises in Tullamore and as many as 30 residential properties from throughout Leinster – including 10 in Dublin. Guide prices range from just €33,000 for a two-bedroom house in Carrick On Shannon, Co Leitrim, to €540,000 for a three-bedroom period home in Rathmines, Dublin 6.

Bidding for the auction will take place over the phone, as well as at the hotel and will be streamed live on the internet.  All properties are available to view prior to the big day.

Harry Sothern, REA estate agent and organiser of the auction, said: “We have a wide range of superb commercial and residential properties that will appeal to both investors and home-buyers alike. REA agents from all over Leinster are bringing properties to this auction including several prime lots in Dublin.

“This is the first auction that we’ve organised by pooling the tremendous resources of the REA agents in Leinster, and we’re looking forward to hosting a number of similar auctions in the near future.”


Commercial

Included in the portfolio of properties is a wonderful opportunity to purchase a hotel in the heart of Carlow Town. The Courthouse Hotel – with 18 bedrooms, a bar and function room – will be auctioned as part of a lot which also includes a retail unit, apartment and parking for 15 cars.  Located close to the Institute of Technology and many of the local tourist attractions, these properties offer scope to be retained as they are or converted into student accommodation. The AMV for this lot is €375,000.

An elevated roadside site of 1.903 ha/4.7 acres in Cloverhill, Ballybrook, Co Cavan, comes with planning permission for 49 residential units. It has an AMV of €60,000.

Also available is a substantial site of circa 0.16 hectares (c. 0.39 Acres) on Main Street, Duleek, Co Meath. It comprises a building that was formerly operated as a public house with parking for approximately 40 cars. It goes under the hammer with an AMV of €195,000.

Other highlights include two office units (130sq.m) in the Forge Building at Baker's Corner on Rochestown Avenue (AMV €165,000) and an industrial premises in the Axis Business Park, Tullamore (302sq.m - AMV €80,000).  

Residential

Residential properties include a range of houses and apartments in Dublin and throughout Leinster. There is a two-bedroom house in Carrick-On-Shannon, Co Leitrim, with a guide of €33,000 and a 474 sq.m 6 bedroom property with 1.4 acres of land in Durrow, Co. Laois, guiding €275,000. Many of the properties are in walk-in condition, while some require renovation.

In Dublin there are numerous family homes located across the city. With an AMV €535,000, Hybrasil Strand Road, Portmarnock, Co. Dublin is an imposing 3 bedroom family home with a wonderful open aspect over green space and the estuary. Hybrasil enjoys beautiful modern interiors. A one-bedroom ground floor apartment at The Gasworks, Dublin 4, is on the market at €250,000. Extending to 50 sq.m, this property is located in the heart of Silicon Docks on Barrow Street and surrounded by a host of stylish restaurants & bars.

Number 5 Charleville, Rathmines Road, Rathmines, Dublin 6 is an imposing period family home boasting many modern features while retaining much of its period charm. It is guiding €540,000. Full planning permission for a two storey extension to the rear was granted in Feb 2006 but has since lapsed.

Also Included in the auction is a superb opportunity to acquire five-bedroom detached house in the much sought-after sunny south-east town of Rosslare, Co Wexford, with an AMV of €160,000. Ideal as a primary residence or a holiday home, the property is well fitted and finished, and is located in a small quiet development called Rosefield comprising of just 7 detached homes on Rosslare Strand.

Piper's Cottage, located on the lush parkland grounds of the five star Kinnitty Castle,  Co Offaly is as detached two story stone cottage with thatched roof on a circa 1.54 Hectare (3.8 Acre) site with and AMV of €80,000. The property is in need of extensive refurbishment throughout.

Archerstown Lodge, Durrow, Co Laois, is an impressive detached, six-bedroom dormer house extending to c. 474 sq.m and situated on an elevated site of c. 1.4 acres. The property features a cut stone exterior and slate roof, electric entrance gates, front and rear access from the public road with a post and rail driveway. The ground floor has under-floor heating and tiled floors throughout, whilst the first floor is wooden flooring throughout. Stand-out features include the large feature stone open fireplace, the wrought iron spiral staircase and the large bathroom with sunken Jacuzzi. Of the six bedrooms, 5 are ensuite.

REA has 26 estate agents in Leinster and 55 nationwide.


For Further information please contact Ed Dempsey (086 172 4449), or
Richard Burke or Craig McKechnie 01 531 3532

Average age of first time buyer at 3324 August 2015

The average age of the first time buyer in Ireland has risen by four years to 33 over the past decade, with a leading estate agency group predicting that this figure may rise sharply over the next few years.

In 2005 the average first time buyer in Ireland was approximately 29 years old, but, according to Real Estate Alliance (REA), this figure has increased by 14% and is still rising due to a combination of circumstances.

While a rise in the age of housebuyers is also being experienced in the UK and US, the financial impediments placed in front of our returning emigrants combined with high rents and the introduction of the mortgage deposit rules have combined to create a situation that is increasingly delaying the entry of young people into the housing market.

“While many young people are now returning from abroad with the growth in the economy, they are finding it difficult to get mortgage approval without a full year’s employment behind them, which is pushing the average up all the time,” said REA CEO Philip Farrell.

“Through economic or other reasons, our young people left the country in their droves over the past decade, and this has created a lost generation in housing purchase terms.

“A high percentage of young Irish adults in their early 20's choose to travel the world for extensive periods of time – at one stage emigration was claiming 60,000 young people a year.

“In many cases the decision to do this is taken following completion of college education or after learning a skill.

“As a result of this people are taking longer to return home, settle down and have families – we estimate that emigration has put many people’s life plans back by five years.

“We are also finding that young people’s attitude towards property buying in their 20s is changing as a result of the global crash.

“Due to the uncertainty surrounding property values during the recession, many young people chose to 'park the bus' in relation to purchasing their own home and confidence in property as an investment was diminished.

“Interestingly, average life expectancy in Ireland has increased by four years to nearly 81 over the last 15 years. This figure will continue to increase and it is our opinion that young people feel that they have a lot of time on their side.

“As a result of both of these factors, we have seen many potential first time buyers choosing to either remain in the family home or rent for longer periods rather than following the race to get on the property ladder.


“This has had a knock-on effect and the average age of the second-time buyer is 39 and also increasing.

“It is important to remember that there exists particular pockets of the country where these figures are both lower and higher than the average.

“We estimate that the average first time buyer in the capital is already 35, due to high property values.

“However, in rural county towns with a large multinational IT employer, our agents report that the first time buyer average is firmly in the mid to late twenties as well-paid employees take advantage of lower cost housing.

“Over the past two years average property values have increased at a faster pace than average wage levels, therefore the whole area of affordability has become a factor.

“One issue for consideration is the low prevailing interest rates which will not remain so forever and ultimately will also affect the affordability issue.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

One of the main issues REA agents are encountering is young people getting adequate access to finance.

“For many people purchasing in 2005, access to credit was not a huge issue.

“They could borrow up to 95% of the purchase price of a house and, in many cases, up to five times their salary.

“This has all changed with the introduction of the Central Bank’s mortgage deposit requirements, which, combined with high rents, have made it increasingly difficult for young people to save deposits, especially in Dublin.

“While their use as a medium to moderate house price increases has been welcome, they have had the effect of suppressing movement in many areas of the market, especially in the ability of the second time buyer to move, thus keeping the supply of housing to the first time buyer at a minimum.

“The new income requirements of 3.5 times salary combined with increased deposit requirements introduced by the Central Bank in February of this year will continue to put pressure on the average age of first time buyers in this country.

REA agents are also reporting that young people are also being forced to reapply for finance due to mortgage offers running out after a sale falling through somewhere in the selling chain.

“Up to recently a huge percentage of banks and receivers sales were falling through due to issues such as title, which meant that young people were having to return to the issuing bank for reapproval.

“This may not be related to the property in question, but often to the next one in the buying chain and has been a source of heartbreak for many potential buyers.”

Robert Grimes of REA Grimes Mortgages in Dublin feels that the traditional view of the property ladder has changed for young people.

“I feel that first time buyers are looking for a house that they can possibly live in for life rather than having to plan to trade up.

“I definitely feel that there is a fear factor of not making the same mistake that family members, friends or work colleagues did a decade ago.”

Ends

Time to level the playing field for second-time buyers05 August 2015

The second-time buyer is potentially being excluded from the housing market as a consequence of the recently-introduced Central Bank deposit requirements.

Philip Farrell, CEO of Real Estate Alliance believes that it is time for the Government and the Central Bank to reassess the effects that the recently-introduced deposit requirements are having on the property market both in Dublin and beyond. 

While there may be some relief on the way for homeowners with the mooted freezing of Residential Property Charges, the real issue for homeowners looking to move house for whatever reason is their inability to raise 20% of the purchase price.

We are seeing evidence that this is having a marked effect on properties valued at above €300,000, and that rather than turning heat down in the market, it has cut off the flame for people wishing to trade up.

To understand their effect on the market, it is important to look at how these new borrowing requirements are structured. 

First-time buyers can still borrow 90% of the purchase price of a house up to a maximum of €220,000. Anything above this figure only qualifies for 80% funding. 

This cooling measure is having the desired effect amongst first-time buyers. 

However, second-time buyers can only borrow 80% of the entire purchase price as the 90% facility up to a ceiling of €220,000 only applies to first-time buyers. 

What is becoming clear is that in particular parts of Dublin, mainly the city centre and south Dublin, this is a bridge too far for second-time buyers. 

The primary reason for the introduction of the increased deposit requirements was to take some of the heat out of sectors of the residential markets which had seen noticeable increases over the previous 15 months. 

As is synonymous with capital cities in many rebounding property markets, Dublin had experienced the most significant increases in values, with properties increasing by up to 40% in some locations. 

The Central Bank intervention in February 2015 was well intentioned and as a direct result we are now witnessing a slowdown in the increase in property values – and a decrease in some cases. 

Recent market prices have also been influenced by the ending of the seven-year capital gains exemption relief period and the expiry of six-month loan approvals issued under the previous borrowing requirement structure.

It is now evident that while property values throughout most of the country are now static or experiencing minimal increases, values are now falling in some parts of the capital as highlighted in the recent REA Average House Price survey where Dublin prices were down 5% in Q2. 

Our recent survey showed that the average price of a house in Dublin is now over €362,000. 

A typical couple who bought an average small house during the boom may have a mortgage of €330,000, and, hopefully, no negative equity.

Let us say they identify a larger home they would like to purchase for €440,000.

Under the previous structure they would need a combined gross annual income of approximately €80,000 and would need to provide 8% of the purchase price of the property which would total €35,200. 

Under the new borrowing restrictions they can only borrow up to 3.5 times their combined annual gross salary which would need to be in excess of €100,000

However, where the real challenge comes in is the deposit requirement which has now gone up to €88,000 – that is €52,800 more than previously.

This is a net figure which would require a borrower to earn an extra annual gross figure of approximately €90,000 – putting the next move on the property ladder beyond the means of most average families.

We are seeing that this restriction is starting to have a profound effect on the property values above the €300,000 mark. 

And while there is an acute shortage of new homes on the market we may continue to see pressure on values over the next 12 months as people will not be in a position to raise such large deposits. 

Many people who had intended to sell or look for something larger will now simply stay put and others may postpone moving plans for a couple of years.

While values outside the capital are much lower, the effect of these restrictions will still be felt, but to a much lesser degree. 

I believe the Government should address this anomaly in the market and Real Estate Alliance will be making a pre-budget submission on this issue. 

There was real merit in the Central Bank's initial intervention, however this needs to be reassessed as it is now alienating the second-time buyer and will continue to exclude them from the market not alone in Dublin but potentially throughout the rest of the country. 

We are proposing that the Central Bank would retain the current price ceiling of €220,000 but bring second time buyers into the net, allowing them to borrow 90% of the purchase price up the ceiling of €220,000 with a maximum of 80% available on monies above this. 

If this was the case, the deposit required for our sample couple would drop from €88,000 to €66,000, a saving of €22,000

The indications are that the annual supply of new homes required as a result of our demographics may not be satisfied nationally over the next two years.

However, if the current regime is retained it will act as a significant barrier to those looking to move up the property ladder, freeing up homes in the vital entry sector.


Philip Farrell is CEO of Real Estate Alliance 

Dublin city house prices fall by 19k in Q2 - survey06 July 2015

The price of an average three-bed semi in Dublin city has fallen by over €19,000 in the past three months as the new rules on mortgage deposits take effect, according to one national estate agency group.

The average semi detached house nationally now costs €186,968, the Q2 Real Estate Alliance Average House Price Index has found – a slight fall on the Q1 figure of €187,153.

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.

The price of an average three-bed semi in Dublin city has fallen by -5.02% from €381,667 to €362,500 since the end of March as the new rules on mortgage lending begin to take effect on the market.

The new rules on mortgage lending for houses above €220,000 have contributed to an already apparent softening in the Dublin market, according to REA.

Some areas in the higher end of the south Dublin city market have seen selling prices fall by up to €35,000 (or -7%) since Q1, where the average three-bed semi would sell in the €400,000 range.

However, the market remains relatively stable in areas such as Tallaght and Lucan where prices are closer to the €220,000 threshold but houses are now taking a week longer to sell on average.

"Our survey measures house sales right up the end of June and what we are seeing is the first genuine effects of the mortgage deposit rules on the market," said REA CEO Philip Farrell.

"The rules were brought in to take the heat out of the market, and they have done that, but combined with rising rents and the ending of the Capital Gains Tax exemption, they have had a supressing effect.

"What we are seeing on the ground is a slowdown in interest in the traditional professional properties, as couples find that raising an €80,000 deposit for a €400,000 home is simply beyond their means.

“Our report shows that the average property is now taking seven weeks to sell across the country, and our agents are reporting that the time then required to bring the sale to completion has increased noticeably in recent months due to changes in the mortgage process.

“The time taken to sell the average property in Dublin city and county has jumped from six to eight weeks since Q1, putting it behind the national average for the first time.”

“The average three-bed semi price in the commuter counties and other major cities has continued to rise by 1.23% since March and now stands at €202,882 as buyers seek out affordable commutable housing.

“While some Dublin values are falling, property in Louth is taking off with selling prices in Drogheda rising by over €22,000 or 12.98% in the past three months.

“The price of an average three bed semi in Drogheda has risen from €175,000 in March to €197,500 at the end of June with increased interest from Dublin and commuter purchasers who can find suitable properties under the €220,000 threshold within an hour's commute of the capital.

“We are also seeing a continued improvement in what we term tier three, the rest of the country where prices have risen by 1.32% in Q2 to €119,828.”

The survey shows Q2 rises in Limerick (10.71%), Cork county (9.9%), Kerry (8.39%), Donegal (5.00%), Wicklow (3.33%), Leitrim (3.13%) and Tipperary (2.59%) with Sligo registering a -5.56% fall.

“Supply is still a major issue for agents, with micromarkets existing in counties such as Meath, based on the availability of suitable family homes in each town.

“Where prices are relatively low, and builders can make a profit, we are seeing activity such as a 10.71% rise in Limerick where house prices have increased by €15,0000 to €155,000 since March.”

According to REA, because of the holiday season, the indications are that any significant changes in price will not occur until the end of Q3.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Ends


Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037

Abolish VAT on new homes so building can start again: REA15 June 2015


Abolishing development levies and the VAT rate on new homes are the key components to solving the national housing supply crisis, a leading national estate agency has claimed.

A nationwide lack of suitable housing supply, especially in three and four-bed family starter homes, has led to a stagnated property market as builders cannot yet make a profit.

However, Real Estate Alliance (REA) have claimed that the abolition of the 13.5% VAT rate on new homes will help close a gap that is making new homes financially impossible to build.

This should be backed up by the abolition of the Part Five levy for social and affordable housing, a combination of measures which they claim will reduce the cost of a new house by €60,000 on average.

“There is a huge gap in the cost of building and bringing a house to the point of sale and what it can achieve on the open market. Unless this gap is closed, we will not halt and solve the growing national housing crisis,” said REA CEO Philip Farrell.

“In urban areas around the country, the market value of a house is €154 per square foot, based on the Real Estate Alliance average house price survey price of €162,477 at the end of March.

“This rises to €157 per square foot in commuter areas and the larger cities outside Dublin where the average house price is €165,798.

“However, the cost of building and bringing a house to the point of sale in these areas is anything up to €220 per square foot – a figure that is even higher in the capital.

“In an environment where such a big gap exists, there is no incentive to start building, and the State must work to close this uneconomic gap.

“There are only two ways of closing the gap to make it financially viable for builders to build and that is for prices to rise or for the cost of building to be reduced.

“There is an estimated demand for 25,000 new homes in Ireland this year, and supply will fall 10,000 units short of that figure.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to financial issues for developers who need to sell houses above that mark to make a profit.”

Kilkenny REA agent Michael Boyd is one of the promoters of the idea to abolish VAT and Part Five on new homes and feels that two major things have to happen.

“Introducing a zero vat rate on new homes would reduce a €250,000 property to €220,000.

“Secondly, the State needs to abolish Part Five levies, which have not been a success and rein in local development charges which should largely have been replaced by the Local Property Tax (LPT).

“Implementing the above measures should bring a three-bedroomed family home priced at €250,000 down to something in the order of €190,000.

“This will allow building to start, local authorities and private purchasers to buy, banks to lend and the housing market to function, as well as providing massive employment spin offs to the economy.”




Ends

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

Media information:

Angela McCormick, MediaConsult, angela@mediaconsult.ie, 087 790 5240

The price of an average three bedroom semi has risen by just 1.32% nationwide in the first three months of 2015,23 April 2015

The uneconomical cost of building represents a major threat to the health of a property market that has only recently returned to normality, according to Real Estate Alliance.

The price of an average three bedroom semi has risen by just 1.32% nationwide in the first three months of 2015, with prices dropping by over -6% in one area of Dublin, according to a national survey carried out by the group.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

“Following the Q4 slowdown, Dublin is now feeling the joint effects of the abolition of the Capital Gains Incentive and the and the introduction of increased deposit requirements by the Central Bank,” said Philip Farrell.

“However, in areas of the capital where average values are below the €220,000 threshold, strong demand still exists from both first time buyers and investors.”

In Skerries, North Dublin, prices have dropped by €20,000 in three months, with the average semi detached home now costing €290,000.

REA agent Dermot Grimes says the Central Bank’s new deposit rules have definitely had an impact in the market, but buyers are also happy to take their time.

“Prices have come back to mid-2014 levels. The market has stagnated due to the immediate impact of the new lending restrictions, allied with the emergence of a more cautious buyer who is prepared to wait for the right house,” said Mr Grimes.

In Rathcoole, REA McGee report a €10,000 drop in prices since December to €320,000, while REA McDonald in Lucan state that prices have fallen by -1.79% in the west side of the city due to lack of supply of suitable housing.

However, while demand for smaller 3 beds and apartments is strong, Barry McDonald from REA McDonald expects the market to rebound with signs of building sites in full swing fuelling demand.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Taking a view over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%), Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.

While uncertainty in the market over the Central Bank’s new lending deposit restrictions has played its part, Real Estate Alliance believe that supply in the market is the biggest issue that the Government needs to address.

“Our survey is taken around the country, and in almost every case, supply is the defining factor,” said Philip Farrell.

“For example, there will be a demand for 10,000 new homes in Dublin this year and there will only be 6,000 built.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.

“Until the costs of building are lowered, or the market takes an unlikely jump, we are looking at being unable to satisfy the demand that exists in the market.

“We are also seeing a series of micro markets opening up within counties such as Meath where Trim (12.9%) has shown a massive rise in the past three months while Ashbourne has actually fallen (-0.71%) in Q1.

“Ashbourne had previously shown growth in the early part of 2014, while Trim is now firmly in the focus of a new wave of commuters and showing its first significant rise.

“It now takes six weeks to sell the average house in Dublin, a week longer than it did in September 2014, while the situation in Tier Three (the rest of the country) has reversed, with time to sell dropping from seven weeks to six on average.”

The rise in mortgage buyers has continued across the nation, with cash purchasers falling from 50% of the market in September 2014 to 42% at the end of March 2015.

In Dublin, 70% of purchases are now funded by mortgages, an increase of 13 points from six months ago.

However, in the Tier Two areas of the commuter belt and the major cities, cash buyers form 43% of the market, down to combination of cheaper prices and the influence of the strength of sterling and returned emigrants.

“With the new regulations coming in, we are seeing commuters starting to move out further again in almost a second migration,” said Philip Farrell.

“In these pockets of localised demand in the commuter belt, we are seeing first time buyers now starting to look at the further extremes of Tier Two due to the fact that they will always fall under €220,000.

“Many of these have loan approval from 2014 which is due to expire in the next few months and we are seeing a “use it or lose it” scenario where we have a stock of new housing in commuter areas.

“Investors are starting to look at rental properties again, which we can see in areas such as Tallaght (+4.55% in Q1) with more affordable house prices but significant rental demand.

“Rental demand is only going one way due to many people being in a holding pattern and an Increase of 10-15% in 2014 could quite possibly be matched in 2015.

“This is happening in a more consolidated way as the amateur investor has been largely removed from the market.”


Ends



The rise in the price of an average three bedroom semi detached house in Dublin city has slowed to 0.66% in the first three months of 201523 April 2015

The rise in the price of an average three bedroom semi detached house in Dublin city has slowed to 0.66% in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.
The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.
The average three-bed semi in Dublin City now costs €381,667, and when Dublin city and county are taken together, prices have actually fallen by 0.28% from €353,500 to €352,500 in the first three months of the year.
While the market has been flat in South Dublin and Dun Laoghaire generally with no movement in Q1, there were price falls of -3.03% in the Rathcoole area and a rise of 4.55% in Tallaght.
While demand is high for properties close to the €220,000 threshold, the Central Bank’s restrictions on deposit requirements have had an immediate effect on the capital’s housing market, with lack of suitable supply another major factor.
It now takes seven weeks to sell the average house in South Dublin, a figure that has increased from six weeks since September 2014.
“There was slight flurry of activity in January but prices seem to have stabilised,” said Ed Dempsey from REA Dempsey.
Martin O'Donnell from REA O'Donnell in Carrickmines says the market in his area has levelled off, especially for higher-end dwellings, and that lack of supply of three bed houses is still an issue.
Meanwhile, Anthony McGee from REA McGee in Tallaght sees continuing pressure on rents in his area due to lack of available properties.
The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.
However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.
“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell. 
“Following the Q4 slowdown, Dublin is now feeling the joint effects of the abolition of the Capital Gains Incentive and the and the introduction of increased deposit requirements by the Central Bank,” said Philip Farrell.
“However, in areas of the capital where average values are below the €220,000 threshold, strong demand still exists from both first time buyers and investors.”
And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.
In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.
Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).
In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Ed Dempsey, REA Dempsey, Clonskeagh, 086 172 4449
Anthony Mcgee, REA McGee, Tallaght, 087 2799332
Martin O'Donnell, REA O'Donnell, Carrickmines, 086 244 7772
Kevin Riney, REA Orchard, Rathfarnnham, 087 2988 143


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 







The price of an average three bedroom semi detached house in the Fingal area has declined by 1.97% in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in the Fingal area has declined by 1.97% in the first three months of 2015, with an overall 2.28% increase in prices in the last six months, according to a national survey carried out by Real Estate Alliance.

In Skerries prices have dropped by €20,000 in three months, with the average semi detached home now costing €290,000, with REA agents noting the impact of the Central bank’s new deposit rules and more cautious buyers.

While demand is high for properties close to the €220,000 threshold, the Central Bank’s restrictions on deposit requirements have had an immediate effect on the capital’s housing market, with lack of suitable supply another major factor.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes ten weeks to sell the average house in North Dublin, a figure that has remained unchanged since September 2014.

REA agent Dermot Grimes says the Central Bank’s new deposit rules have definitely had an impact in the market, but buyers are also happy to take their time.

“Prices have come back to mid-2014 levels. The market has stagnated due to the immediate impact of the new lending restrictions, allied with the emergence of a more cautious buyer who is prepared to wait for the right house,” said Mr Grimes.

“The market has softened in the past few weeks with most of enquiries for properties under €200,000 and activity for large properties has become quiet,” said Hugh Cumisky of REA Cumisky, Balbriggan, where prices have increased by €5,000 to an average of €205,000.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Hugh Cumisky, REA Cumisky, Balbriggan, 087 2484489
PG Grimes, REA Grimes, Skerries, 087 2258678

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 





The rise in the price of an average three bedroom semi detached house in Dublin city has slowed to 0.66% in the first three months of 201523 April 2015

The rise in the price of an average three bedroom semi detached house in Dublin city has slowed to 0.66% in the first three months of 2015, according to a national survey carried out by Real Estate Alliance, with one area experiencing a fall of -1.79%.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

The average three-bed semi in Dublin City now costs €381,667, with Lucan and Dublin west in particular experiencing a fall of -1.79% or €5,000 on average.

It now takes four weeks to sell the average house in Dublin city, a figure that increased from three weeks since September 2014.

While demand is high for properties close to the €220,000 threshold, the Central Bank’s restrictions on deposit requirements have had an immediate effect on the capital’s housing market, with lack of suitable supply another major factor.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“Following the Q4 slowdown, Dublin is now feeling the joint effects of the abolition of the Capital Gains Incentive and the and the introduction of increased deposit requirements by the Central Bank,” said Philip Farrell.

“However, in areas of the capital where average values are below the €220,000 threshold, strong demand still exists from both first time buyers and investors.”

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

“The market for three beds and smaller is strong but taking a week longer to sell than last September,” said Barry McDonald of REA McDonald, Lucan.

“However, there is definitely less demand for anything above 400k and we are seeing signs of better supply levels coming with building sites in full swing in various places and new build schemes hitting the market.

“There is a still a little amount of uncertainty out in the market place, but new regulations don’t seem to have had an effect on overall demand.”

Paul Grimes of REA Grimes Dublin city centre said: “There is a massive shortage of stock in Dublin and demand is still very high in the more sought-after areas.

“Three and four bed semis located near good schools and near rail stations are particularly in demand. We are seeing a shortage of property to let with no new builds taking place. “

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Paul Grimes, REA Grimes, 087 2258678

Barry McDonald, REA McDonald, Lucan, 086 387 3800

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 















The price of an average three bedroom semi detached house in Wicklow has declined by 1.56% in the past six months to €210,00023 April 2015

The price of an average three bedroom semi detached house in Wicklow has declined by 1.56% in the past six months to €210,000, but the market has remained flat in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes seven weeks to sell the average house in Blessington, a figure that increased by three  weeks since September 2014, while it takes just two weeks to sell a house in the north east of the county.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Simon Murphy, REA Murphy, 087 231 0005

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 














The price of an average three bedroom semi-detached house in Wexford has risen by 8% to €135,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi-detached house in Wexford has risen by 8% to €135,000 in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes eight weeks to sell the average house in Wexford, a figure that has remained flat since September2014.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Robert McCormack, REA McCormack Corish, Wexford, 086-8322207

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 














The price of an average three bedroom semi detached house in Westmeath has risen by 2.08% to €122,500 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Westmeath has risen by 2.08% to €122,500 in the first three months of 2015, with an overall increase of 6.52% in the past six months, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes four weeks to sell the average house in Westmeath, a figure that has remained unchanged since September2014, according to REA Hynes in Athlone.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Healy Hynes, REA Hynes, Athlone, 087 2632295

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 













The price of an average three bedroom semi-detached house in Waterford city has risen 5% in the first three months of 2015 to €152,750,23 April 2015

The price of an average three bedroom semi-detached house in Waterford city has risen 5% in the first three months of 2015 to €152,750, with an overall increase of 10.33% in the past six months, according to a national survey carried out by Real Estate Alliance.

By comparison, prices for three bed semis in Dungarvan have stabilised throughout the past six months at an average of €135,000.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes eight weeks to sell the average house in Dungarvan, compared to ten weeks in September2014, while it takes just four weeks to sell a house in Waterford city.

“The market in the last quarter of 2014 was very buoyant due to the Capital Gains Tax incentive expiring and the new rules with regard to mortgage lending,” said Des O’Shea of REA O’Shea O’Toole in Waterford.

“There is a scarcity of suitable three-bed semis and competitive bidding is now the norm.”

“In the more saleable areas stock is the biggest issue and correctly priced properties are getting a good number of viewings,” said Eamonn Spratt of REA Spratt in Dungarvan.

“It is becoming more noticeable that overpriced properties are not receiving any interest.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Des O’Shea, REA O’Shea O’Toole, Waterford, 087 2599976
Eamonn Spratt, REA Spratt, Dungarvan, 086 2531277

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 












The price of an average three bedroom semi detached house in Tipperary has risen by 6.04% to €120,625 in the past year23 April 2015

The price of an average three bedroom semi detached house in Tipperary has risen by 6.04% to €120,625 in the past year, but the market has remained flat in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average house in Newport, compared to eight weeks in Clonmel and Nenagh, and 16 weeks in Roscrea.

“At present we are finding there is very limited suitable stock in the €100,000 - €150,000 first-time buyer market,” said John Stokes, from REA Stokes and Quirke in Clonmel.

“There is huge appetite for new homes in this area, but no supply and no incentive for builders to build with all the restrictions and costs of building.”

“The market has been slow to restart after the Christmas but there has been a huge increase in the number of viewings since the middle of March,” said Eoin Dillon from REA Dillon in Nenagh. 

“Many of those are first-time buyers whose loan offer will expire if not drawn down before the middle of the year and they can also avoid the 20% requirement if they purchase before that time.”

“Investors in Roscrea are are slow to put houses on the market until it rises more, and there is a strong rental market,” said Seamus Browne from REA Browne.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Eoin Dillon, REA Dillon, Nenagh, 087 2052716
Seamus Browne, REA Seamus Browne, Roscrea, 087 249 9570
James Lee, REA John Lee, Newport, 086 2351221
John Stokes, REA Stokes & Quirke, Clonmel, 086 8213777


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 











The price of an average three bedroom semi detached house in Sligo has risen by 14.65% to €90,000 in the past year23 April 2015

The price of an average three bedroom semi detached house in Sligo has risen by 14.65% to €90,000 in the past year, but the market has remained flat in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes nine weeks to sell the average house in the Tubbercurry area, compared to 12 weeks in September 2014, while houses are taking six weeks to sell in Sligo town.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Roger McCarrick, REA McCarrick & Sons, Sligo, 087 6810848


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 










The price of an average three bedroom semi detached house in Roscommon has risen by 9.09% to €60,000 in the past year23 April 2015

The price of an average three bedroom semi detached house in Roscommon has risen by 9.09% to €60,000 in the past year, but the market has remained stable in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes five weeks to sell the average house in Roscommon, compared to eight weeks in September 2014.

“We experienced an uplift in market activity in February with new properties coming to the market and an increase in private vendors,” said Seamus Carthy from REA Carthy. 

“Expectations are higher for vendors so it is interesting to see if the market will accept these higher expectations.

“From our point of view, what is most interesting is that most of the activity is for rural, country homes and this is where we are seeing the greatest reaction from the marketplace in terms of price increases.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Seamus Carthy, REA Carthy, Castlerea and Roscommon, 086 8035538


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 









The price of an average three bedroom semi detached house in Offaly has risen by 8.70% to €125,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Offaly has risen by 8.70% to €125,000 in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average house in Offaly, compared to eight weeks in September 2014.

According to Aidan Heffernan from REA Heffernan, the market in Offaly is improving but value and price are still a priority with potential purchasers.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Aidan Heffernan, REA Heffernan, 086 224 6620


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 








The price of an average three bedroom semi detached house in Monaghan has risen by 10% to €110,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Monaghan has risen by 10% to €110,000 in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average house in Monaghan, compared to seven weeks in September 2014.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Dermot Conlon, REA Gunne Properties, Carrickmacross, 087 6787098

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 







The price of an average three bedroom semi detached house in Louth has risen by 1.72% to €147,500 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Louth has risen by 1.72% to €147,500 in the first three months of 2015, with an overall increase of 5.36% in the last six months, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

Drogheda’s average house prices have increased by 2.94% to €175,000 in the first three months of the year, while Dundalk’s prices have remained static at €120,000, up 9% since last September.

It now takes only two weeks to sell the average semi-detached house in Dundalk, compared to eight weeks in Drogheda.

“The market is very active at present with first-time buyers, investors and second-time buyers looking to downsize,” said Michael Gunne from REA Gunne Properties in Dundalk. 

“Currently there is a shortage of three and four bed town properties which generates a great interest in those properties listed for sale.  As a result the short supply versus the demand is creating intense bidding situations.”

Likewise, Darina Collins from REA O’Brien Collins says under supply is still an ongoing problem in Drogheda. 

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Darina Collins, REA O’Brien Collins, Drogheda, 086 3847542
Michael Gunne, REA Gunne Properties, Dundalk, 086 389 0009

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 





The price of an average three bedroom semi detached house in Longford has risen by 37.50% to €55,000 in the past year23 April 2015

The price of an average three bedroom semi detached house in Longford has risen by 37.50% to €55,000 in the past year, but the market has stabalised in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average house in Longford, down from eight weeks in September 2014.
           
The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Joe Brady, REA Brady, 086 8231818

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 




The price of an average three bedroom semi detached house in Leitrim has risen by 3.23% to €80,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Leitrim has risen by 3.23% to €80,000 in the first three months of 2015, with an overall increase of 6.67% in the past six months, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes two weeks to sell the average house in Carrick-on-Shannon , one of the fastest moving markets in the country, and eight weeks in the Carrigallen area, down from 12 weeks in September 2014.
           
According to Joe Brady from REA Brady in Carrick-on-Shannon, new stock is coming to the market but at a slower level than 2014, and average prices are €110,000.

“Receivers are still active and their levels are still high, however much of the distressed stock is now off the market,” he said.

“Buyers are fully off the fence and less hesitant to bid having seen prices increase over the past two quarters. UK buyers are very active on rural properties, accounting for half of total sales in our office.”

According to James Spring from REA Peter Donohue in Carrigallen, the local market there is picking up and prices have increased by €5,000 to €50,000 in the past three months.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Joe Brady ,REA Brady, 086 8231818
James Spring, REA Peter Donohue, 086 8186819


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 














The price of an average three bedroom semi detached house in Laois has risen by 4.35% to €120,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Laois has risen by 4.35% to €120,000 in the first three months of 2015, with an overall increase of 20% in the past six months, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes eight weeks to sell the average house in Laois, compared to 12 weeks in September 2014.
           
According to Seamus Browne from REA Seamus Browne in Portlaoise, the lack of supply is still an issue in the more desirable areas, particularly with three bed semis, with strong demand from first time buyers.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Seamus Browne, REA Seamus Browne, 087 249 9570


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 













23 April 2015

The price of an average three bedroom semi detached house in Kilkenny city has risen by 7.41% in the first three months of 2015, with a 4.17% increase in Callan over the same period, according to a national survey carried out by Real Estate Alliance.

The average house in Kilkenny city now costs €145,000 while semi-detached homes in Callan and other areas of the county are selling for €125,000.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes four weeks to sell the average house in Kilkenny city, compared to eight weeks in September 2014.
           
According to Michael Boyd from REA Boyd’s, there is an acute lack of supply of suitable housing in Kilkenny city.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Michael Boyd, REA Boyd’s, Kilkenny, 087 2611699
Robbie Grace, REA Grace, Callan, 086 8297189

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 












The price of an average three bedroom semi detached house in Kildare has risen by 13.53% in the past year to €241,25023 April 2015

The price of an average three bedroom semi detached house in Kildare has risen by 13.53% in the past year to €241,250, with a slight 1% increase in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

Prices in Newbridge have jumped 2.63% to €290,000 in the first three months, Naas has increased by 2.22% to €230,000 while prices in Maynooth and Celbridge, which experienced growth for much of last year, remain at €270,000 in Q1.

It now takes eight weeks to sell the average house in Naas and Newbridge, compared to 12 weeks in September 2014, while the time taken to sell a house in Maynooth and Celbridge has increased from four weeks to 11 weeks in the last six months.
           
“Second-hand residential properties will continue to rise until builders start making some profile,” said Brian Farrell, REA Brophy Farrell in Naas and Newbridge.

“In Naas, it is now making financial sense for developers to build new houses and there are three new developments planned for 2015. Proximity to Dublin and the opening of the Kerry Group development are driving demand.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Brian Farrell, REA Brophy Farrell, Naas and Newbridge, 086 2558125
Will Coonan, REA Coonan, Celbridge and Maynooth, 086 8134388

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 











The price of an average three bedroom semi detached house in Kerry has risen by 8.77% to €155,000 in the past year23 April 2015

The price of an average three bedroom semi detached house in Kerry has risen by 8.77% to €155,000 in the past year, with a 2.7% increase in Killarney in the first three months of 2015, according to a national survey carried out by Real Estate Alliance.

The average house in Killarney is now costing €190,000, up €5,000 since the turn of the year while prices in Tralee have remained flat in the first quarter of 2015 at €120,000, showing an overall increase of 9.09% in the past six months.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes ten weeks to sell the average house in Tralee, compared to 16 weeks in September 2014, while it takes six weeks to sell a house in Killarney.
                       
 “There is a lack of supply in the Killarney town area at present and with no new construction projects commencing, it follows that prices and rents will increase over the next 12 months,” said Donal Culloty of REA Coyne & Culloty, Killarney.

“The market is improving at present, with greater interest in property from all segments of the market. We see the market continuing to improve during 2015 with more bank lending adding to the numbers of cash purchasers currently looking for property,” said Eddie Barrett from REA North’s in Tralee.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Eddie Barrett, REA North’s Tralee, 086 2568265
Donal Culloty, REA Coyne & Culloty Killarney, 087 2354790

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 










The price of an average three bedroom semi detached house in Co Donegal has risen by 3.45% to €75,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in Co Donegal has risen by 3.45% to €75,000 in the first three months of 2015, with an overall rise of 5.63% in the past six months, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes seven weeks to sell the average house in Bundoran, compared to 12 weeks in September 2014, where the rise in sterling has been a contributory factor in a 7.69% rise in prices in the first three months of the year to an average of €70,000.

“The affordable end of the market is extremely busy with strong demand for homes priced up to €100,000,” said Michael McElhinney from REA McElhinney in Bundoran.

“We see a shortage of supply at this end but the market remains quite buoyant and this is reflecting the sterling exchange rate.”

According to Paul McElhinney from REA McElhinney in Milford: “There is still strong interest in three bed semis, with our average price at €80,000, and although supply has eased up, there is still a steady stream and demand has kept pace.

“As a result prices are stabilised rather than rising although over the course of the year we may see a slight increase.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%).


Ends

Available for interview:
Michael McElhinney, REA McElhinney Bundoran, 087 2598966
Paul McElhinney, REA McElhinney Milford, 086 122 9335

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 









The price of an average three bedroom semi detached house in County Cork has risen by 2.3% to €110,000 in the first three months of 201523 April 2015

The price of an average three bedroom semi detached house in County Cork has risen by 2.3% to €110,000 in the first three months of 2015, while the same house in Cork City has risen by 3.77% to €275,000 according to a national survey carried out by Real Estate Alliance.

And prices in Cork City have risen by 10% in the last six months, from a level of €250,000 in September 2014.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes 12 weeks to sell the average house in Bantry, compared to 18 weeks in September 2014, while it takes three weeks to sell a suitable house in Cork city.

“There is a distinct lack of supply in Cork city and surrounding towns, with no construction activity,” said Michael O’Donohue from REA O’Donohue Clark in Cork.

“For this reason, properties that are on the market are attracting a lot of interest. We do not see supply volumes increasing and this will drive prices up even further.

“There are a lot of mortgage approvals already in place but they are struggling to find the right property.

“Although some properties are coming on the market through receivers, they are not generally meeting the demand for the family three-bed semi.”

According to John O’Neil, Bantry, Cork, REA Celtic Properties: “Strong interest from the UK has fuelled the market since the start of 2015 with an increased level of inquiries from abroad throughout the first quarter, thanks mainly to the strength of sterling.

“The local market in Cork is active and discerning, and growing in confidence month-by-month. Local tradespeople have returned to the market and are starting to buy up properties for renovation especially in coastal areas.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Mick O’Donohue, REA O’Donohue Clark, 087 252 7485
John O’Neill, REA Celtic Properties, 087 2357288

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 








The price of an average three bedroom semi detached house in Meath has risen by 28.33% in the past year23 April 2015

The price of an average three bedroom semi detached house in Meath has risen by 28.33% in the past year, with a 2.39% increase in the first three months of 2015 to €192,500, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes six weeks to sell the average house in Ashbourne and Navan, compared to five weeks in Kells and four in Trim.

A series of micro markets is opening up in Meath where Trim (12.9%) has shown a massive rise of €20,000 in the past three months to and average of €175,000, while prices in Ashbourne have fallen slightly (-0.71% or €2,000) in Q1 to €280,000.

Ashbourne had previously shown growth in the early part of 2014, while Trim is now firmly in the focus of a new wave of commuters and showing its first significant rise.

Prices in Navan (€175,000) and Kells (€140,000) have stabilised in the first three moths of year.

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Paul Grimes, REA Grimes, Ashbourne, 087 2556945
Cara Gavigan, REA T & J Gavigan, Kells, 086  2454707
Michael Gavigan, REA T&J Gavigan, Navan, 086 2560530
Thomas Potterton, REA Potterton, Trim, 086 2569344

Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 






The price of an average three bedroom semi detached house in Limerick has risen by 16.67% in the past year23 April 2015

The price of an average three bedroom semi detached house in Limerick has risen by 16.67% in the past year, but the market has remained flat in the first three months of 2015 with suitable supply the major issue, according to a national survey carried out by Real Estate Alliance.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

It now takes four weeks to sell the average house in Limerick, down from eight weeks in September 2014, with the average price now €140,000.
           
“While we have experienced more viewings and enquiries in the marketplace from December 2014 to March 2015, the lack of supply has diminished our ability to increase sales levels,” said Michael O’Connor from REA O’Connor Murphy in Limerick city.

“However, within the last two weeks we have seen a dramatic change in this and expect an increase in prices in the region of 10% for the coming quarter. In general, there is a drastic improvement in the market and we are positive for the remainder of 2015.”

The average semi detached house nationally, including Dublin, now costs €187,153 the latest REA survey has found – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In country and commuter areas where the average value is below €200,000, supply of new homes will remain reduced even if lands become available due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction which is exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.“

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%) Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.


Ends

Available for interview:
Michael O’Connor, REA O’Connor Murphy, 087 2597034


Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 















House price trends reverse in first three months as regions rise and Dublin falls18 April 2015


The price of an average three bedroom semi has risen by just 1.32% nationwide in the first three months of 2015, with prices dropping by over -6% in one area of Dublin, according to a national survey carried out by Real Estate Alliance.

And the uneconomical cost of building new homes represents a major threat to the health of a property market that has only recently returned to normality, according to REA.

The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving an accurate up-to-date picture of the property market in towns and cities countrywide.

The average semi-detached house nationally, including Dublin, now costs €187,153 – a rise of 16.23% over the past 12 months.

However, the average house has risen by just 1.32%, or €7,005, across the country over the December 2014 figure of €184,713 – and the lack of a supply of suitable housing is a feature of the market across the country.

“There is an acute lack of supply of three-bedroom family homes because it is still not financially viable in many areas for builders to construct homes and make a profit,” said REA Chief Executive Philip Farrell.

“In areas where the average value is below €200,000, supply of new homes will remain reduced due to profitability issues for developers who need houses to sell for above that mark.

“This is caused by the current high cost of construction and exacerbated by the significant taxes which are payable on a new home (28% of the cost) and the recently increased building regulations.

“Until the costs of building are lowered, or the market takes a jump, we are looking at being unable to satisfy the demand that exists in the market.”

And while Dublin led the way in the market recovery last year, prices have fallen by -0.28% in Dublin city and county in the opening quarter, where the average semi-d now stands at €352,500.

“Following the Q4 slowdown, Dublin is now feeling the joint effects of the abolition of the Capital Gains Incentive and the introduction of increased deposit requirements by the Central Bank,” said Philip Farrell.

“However, in areas of the capital where average values are below the €220,000 threshold, strong demand still exists from both first time buyers and investors.”

In Skerries, North Dublin, prices have dropped by €20,000 in three months, with the average semi detached home now costing €290,000, with REA agents reporting the impact of the Central bank’s new deposit rules.
In Rathcoole, REA McGee report a €10,000 drop in prices since December to €320,000, while REA McDonald in Lucan state that prices have fallen by -1.79% in the west side of the city due to lack of supply of suitable housing.

In a complete shift in the market, the biggest increases over the last year have come from what is termed Tier Three – the country areas, outside of the pale and the major cities, which have gone up by 17.28%, ahead of Dublin city’s 17.18%, and 14.82% when Dublin city and county are combined.

Over the past six months, property price rise rates in the rest of the country (5.1%) have more than trebled that of the capital (1.55%).

In the opening quarter this year, there have been significant increases in Carlow (7.50%), Kilkenny City (7.41%), Waterford City (5%) and Wexford (8%), while the rise in sterling has seen a jump in property prices in Bundoran in Donegal of 7.69%.

It now takes six weeks to sell the average house in Dublin, a week longer than it did in September 2014, while the situation in Tier Three (the rest of the country) has reversed, with time to sell dropping from seven weeks to six on average.


Ends

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie
Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 



The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly03 March 2015

The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly in the past two months, according to the Real Estate Alliance network.

A survey of REA members shows that enquiries from the UK have increased by 13% on average to agents outside of Dublin in the past two months.

And there has been a corresponding 25% annual increase in enquiries about Real Estate Alliance properties listed on top UK site rightmove.co.uk.

Local REA agents will be among those bringing the best of Irish property for sale to the Alliance’s upcoming London Property Exhibition.

The exhibition takes place in the Millennium Gloucester Hotel and Conference Centre in central London on Saturday March 21.

“REA are bringing thousands of homes for sale to London, giving a host of UK buyers the chance to browse in comfort and talk to the experts on the ground,” said Philip Farrell, CEO of Real Estate Alliance.

“The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.

“The average UK home now costs €236,635 whereas in Ireland it is close to €180,000, and the strength of sterling is magnifying this.

“UK buyer interest is manifesting itself differently to the existing Irish market in a number of ways, with big surges in interest in many undervalued rural counties and also scenic and coastal locations.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.

“Rural properties in the UK cost an average of €67,000 more than urban properties – quite the opposite of the Irish market.

“UK buyers are being priced out of rural properties in their own country, so for many their only chance of an ‘escape to the country’ is a move to our country.

“We are also seeing interest from UK investors who are priced out of their own market and feel that they have reached the top of their curve and are looking for capital growth and yield in Ireland.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA London Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie or send an email to register for the event at info@realestatealliance.ie.

Ends


For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
00353 86 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 00353 86 2937037 / darren@mediaconsult.ie 




Dublin market slows as average house rises by 20.68% nationally09 February 2015

The price of an average three-bed semi in Irish towns and cities rose by 20.68% in 2014, according to a national survey carried out by Real Estate Alliance.
While every county in the State showed an increase in three-bed semi prices, the market slowed down in the Dublin area between September and December 2014 (Q4) with one area registering a -6.67% drop in prices.
The average semi detached house nationally now costs €184,713, the latest REA survey has found – a rise of 2.63% on the Q3 figure of €179,981.
The Real Estate Alliance Average House Index concentrates on Ireland's typical stock home, the three-bed semi, giving an accurate picture of the property market in towns and cities countrywide.
While semi ds in Dublin recorded a 21.66% increase over the year, the biggest rise was in the commuter counties and large cities such as Cork and Galway where properties in what is now termed Tier Two rose by 26.24% from €157,824 to €199,235.
And while the Dublin market slowed to just an 0.89% increase in Q4, and the commuter counties rose by 3.42%, the biggest upswing came in the rest of the country (or Tier Three), which saw a rise of 3.92% – the first time that rural Ireland had surged ahead in the figures all year.
The average three-bed semi in Dublin is now selling at €379,167, an increase of just over €3,000 on Q3, as the market in the capital stalled in Q4.
This price is almost twice that of the commuter county stock, and 2.5 times that of the average rural semi, which is priced at €147,587.
“Our survey shows that in all areas of Dublin, parts of Cork City, Galway City, North Wicklow and Kildare, the price of the average semi detached house exceeds the Central Bank’s new threshold of €220,000 at which banks can lend 90% of the value,” said Real Estate Alliance CEO Philip Farrell.
“However, other parts of Wicklow, Kildare, Louth and Meath all offer average housing under that limit for those looking to buy in the commuter belt with accessibility to Dublin.”
While the capital as a whole saw just a 0.89% average rise from September to December, areas such as Lucan saw a fall of -6.67% as the price of the average semi-d went from €300,000 back down to €280,000.
All other areas in the city were flat in Q4 except for South Dublin (5.56%) and the city centre (3.45%).
“Following an increase in property values of up to 30% over the previous 15 months, the market in Dublin took a breather in Q4,” said Philip Farrell.
“Traditionally the capital is the first to rise and slow down in any turning market, and we have seen this in Q4, particularly in popular first-time buyer markets like the Lucan area.
“Much of this is due to the air of uncertainty that surrounded the introduction of the new Central Bank lending restrictions, and now that we have clarity here, we should see a return to a more normal market.
“Our agents in Dublin expect prices to rise by six per cent this year. This is in comparison to our nationwide average expectation of a nine per cent rise in property prices in 2015.”
Evidence of a cooling in the market is seen by the fact that it took six weeks to sell the average property in Dublin in Q4, a week longer that Q3.
The same experience has been repeated in the commuter counties and major cities, which saw its time to sell go from six weeks to seven in Q4.
However, market activity continued apace in Tier Three, with properties in the rest of the country still taking seven weeks to sell as in Q3.
Just how far this market has grown in 2014 is evidenced by the fact that these properties were taking 13 weeks to sell 12 months ago.
But the biggest change in buying habits in 2014 has been the return of the banks to the marketplace with the amount of cash transactions dropping from an average of 66% in December 13 to 44% in December 2014.

Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

UK property buyers are flocking to secure their dream homes in Ireland04 February 2015

UK property buyers are flocking to secure their dream homes in Ireland, buoyed by a unprecedented strong pound with many rural homes still undervalued compared to the UK, according to Real Estate Alliance.

The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly in the past two months.

A survey of REA members shows that enquiries from the UK have increased by 13% on average to agents outside of Dublin in the past two months, with many areas seeing a 25% increase in calls.

In fact, one REA agent in Bantry is reporting a 50% increase in UK enquiries in the past eight weeks.

There has been a corresponding 25% annual increase in enquiries about Real Estate Alliance properties listed on top UK site rightmove.co.uk.

Now Irish property vendors are being given the chance to cash in on this mini-boom by registering for the Alliance’s upcoming London Property Exhibition.

REA are bringing thousands of properties to London, giving a host of UK buyers the chance to browse in comfort and talk to the experts on the ground.

The exhibition takes place in the Millennium Gloucester Hotel and Conference Centre in central London on Saturday March 21.

The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.

“The average UK home now costs €236,635 whereas in Ireland it is close to €180,000, and the strength of sterling is magnifying this,” said Real Estate Alliance CEO Philip Farrell.

“UK buyer interest is manifesting itself differently to the existing Irish market in a number of ways, with big surges in interest in many undervalued rural counties and also scenic and coastal locations.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.

“Rural properties in the UK cost an average of €67,000 more than urban properties – quite the opposite of the Irish market.

“UK buyers are being priced out of rural properties in their own country, so for many their only chance of an ‘escape to the country’ is a move to our country.

“We are also seeing a marked upsurge in UK interest in large properties worth over €700,000 in commuter counties such as Meath and Kildare.

“We are also seeing interest from UK investors who are priced out of their own market and feel that they have reached the top of their curve and are looking for capital growth and yield in Ireland.”

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

Further details on the REA London Property Exhibition, and a list of local agents, can be found on www.realestatealliance.ie or send an email to register for the event at info@realestatealliance.ie.

Ends

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie 



New mortgage rules provide welcome relief for first time buyers 28 January 2015

Real Estate Alliance (REA) has welcomed plans by the Central Bank to provide relief to first-time buyers under its new mortgage rules.

The new rules will enable banks to lend up to 90% of the value of the home to first-time buyers up to a limit of €220,000.

This means that first time buyers will need a 10% deposit for the first €220,000 of their property's cost and 20% of whatever is above this limit.

In most other cases banks will only be able to lend up to a maximum of 80% of a property’s value.

“A blanket 80% mortgage cap would have proved excessive towards first time buyers, making it difficult for them to get on the property ladder,” said REA CEO Philip Farrell.

“Based on average house prices, a 20% deposit rule would have required €70,000 upfront from an individual or couple purchasing a property in South Dublin. (According to figures from REA's latest property survey, an avergae three-bed semi in South Dublin is valued at €350,000).

“However, based on the more lenient deposit requirements, that figure comes down to €48,000 for a first time buyer.

“Outside the South Dublin area, buyers will still be entitled to borrow up to 90% of the purchase price of their first home.

“This in turn will assist in preventing further pressure on rental values in large parts of the country which would have ensued if they had proceeded with the initially intended figures.

“Rental values have increased by up to 20% over the last 18 months in particular parts of the country.

“There is absolute merit in what the Central Bank are introducing and it is to be welcomed in assisting in the prevention of a property bubble in the future.

“This has proven successful in particular parts of the world, especially Asia.

“However, it remains somewhat untested in this part of the world.”

Real Estate Alliance (REA) is Ireland’s leading property group of

Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.



Ends



Available for interview:

Philip Farrell, CEO Real Estate Alliance

086 250 3515 / philip@realestatealliance.ie



Media information:

Darren Hughes, MediaConsult 086 2937037


New mortgage cap will drive pressure on rental markets - REA26 January 2015

The Central Bank’s proposed new mortgage borrowing cap of 80pc will lead to increased pressure in rental values in the larger urban areas, according to a leading estate agency group.

Philip Farrell, CEO of Real Estate Alliance, believes that measures should be introduced which reflect the reality of Ireland’s ‘three-tier’ property market.

“The big issue here is the variance of property values through three distinctive tiers – Dublin, the commuter counties and large urban areas nationwide such as Galway and Cork, and finally, the rest of the country,” said Mr Farrell.

“These follow different patterns and the price of an average house can range from €60,000 in some counties to €425,000 in particular parts of Dublin and as result of this, people buying in the capital may require a net deposit of €70-80,000.

“The new mortgage borrowing cap will exclude most first-time buyers from purchasing in Tier One, or the greater Dublin area.

“This will, in turn, increase the pressures on rental values, which are back to levels only 10% off their peak of 2007, unlike property values which are still up to 40% off their peak.

“There is absolute merit in what the Central Bank are introducing and it is to be welcomed in assisting in the prevention of a property bubble in the future.

“This has proven successful in particular parts of the world, especially Asia.

“However, it remains somewhat untested in this part of the world.

“Real Estate Alliance would suggest that two alternatives be looked at, if the cap is to be introduced.

“We call for the Central Bank to acknowledge the three tier market by introducing realistic brackets for different house prices, which would assist in removing the geographical inequities which are apparent in the sector. 

“We would also back the introduction of an insurance policy, which the borrower would take out to provide protection on the differential between 10-20% of the deposit if the loan defaults.”

Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.



Ends

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037  darren@mediaconsult.ie


Strong 2015 predicted for house market outside Dublin07 January 2015

House prices outside of Dublin are expected to rise by as much as 20pc next year, as the rest of the country begins to catch up with the capital
Dublin prices soared for much of this year, although the market cooled somewhat in recent months. However, 6pc growth is still expected in 2015.
Outside of the capital, where values are much more affordable and therefore less likely to be affected, house prices are expected to continue rising strongly through 2015 - by as much as 20pc.
A survey carried out for the Irish Independent by the Real Estate Alliance (REA) shows that agents in Dublin believe prices will rise by just 6pc next year.
Uncertainty caused by proposed Central Bank restrictions on mortgage deposits has undermined confidence in the Dublin property market.
This month's survey of more than 50 REA member firms shows that the capital's property market has largely stalled in quarter four from September to December
Agents said that it was now taking six weeks to sell the average Dublin home - a rise on the April-to-June figure of four weeks.
Agents in Dublin reported a flat fourth-quarter in many areas, with some buyers simply taking a watching brief due to uncertainty over the proposed Central Bank directive
"It is clear from our agents that the lack of clarity from the Central Bank is having a large impact on confidence. However, even if it is resolved, the supply issue still remains. For a period for five years, the construction sector ground to a halt and we are still feeling the effects of this through the lack of availability of new homes," said REA chief executive Philip Farrell.
But commuter counties and the other major cities are expecting a strong 2015 - with healthy demand and limited supply being major factors, according to REA agents.
Westmeath showed the highest price growth expectation for 2015 at 20pc, followed by Kilkenny, Clare and Galway city all at 15pc. On the other end of the scale Sligo showed the lowest growth expectation at 4pc.
Demand in the three main cities outside Dublin is expected to remain high due to a lack of supply, with prices in Cork expected to rise by 10pc, Limerick by a stronger 12pc and Galway City by 15pc thanks to a shortage of good quality homes for sale in the Western capital
Commuter counties Meath (13pc) and Kildare (11pc) have major towns with re-awakening property markets.
Meath, in particular, is reporting impressive growth in Kells and Trim. However, there are no new developments proposed for either town in 2015, unlike Navan, where prices are predicted to rise by 15pc.
Meanwhile, REA agents in many parts of the country are warning house building will not start until prices rise above cost value. "The demand for new builds is there, but until prices reach a certain level, some builders are reticent to begin developments," said Mr Farrell.
"Overall, we are now seeing a welcome return to a normally functioning market where you are likely to see less volatility and, thankfully, more predictability. As the market started to rebound, some of the high percentage recoveries that we saw in 2014 were quite misleading, due to the limited number of transactions involved, and the low price base that we were coming off."
Finally, the REA survey shows cash buyers reducing significantly, from 70pc of transactions 15 months ago to about 40pc today.
Ireland's three-tier housing market
Despite much being said about Ireland having a two-tier property market, evidence suggests that prices are moving in three blocks:
Dublin
Dublin city and county became the first Irish market to recover. It was in leafy Dublin 4 that property values first began to inch up early in 2012, with affluent buyers swooping in. The impetus spread rapidly outwards, suburb by suburb.
Driven by shortage, the looming end of tax incentives for investors, and the last hurrah of cash buyers, 2014 saw prices in Dublin increase by 24pc. This was the highest price inflation in the world
It is generally thought that Dublin experienced a fall in values of up to 60pc since the bubble began to burst in late 2006. It has meant that prices had room to inflate.
Latest evidence is that runaway inflation is cooling.
Cities and commuter belt
After Dublin, Cork city was the next market to recover. It went from static prices to a rapid rise at the end of 2013. This was spearheaded by an investor feeding-frenzy at the bottom, with apartments snatched up.
Galway soon saw its prices begin to surge in a similar fashion and Limerick was next. Cork and Galway are now both experiencing similar issues to Dublin.
Meanwhile, the belt of commuter counties around Dublin - where prices had been hit especially hard in the downturn - also began to recover late in 2013. This occurred as first-time buyers started being priced out of Dublin.
The rural counties
These counties - the last to be hit by the property crash and the last to recover - began to see prices rise again in early 2014.
Buyers pounced on what they believed to be the cheapest prices in a generation.
Central Bank lending restrictions will certainly have an impact but, at the same time, it won't be as much of an obstacle to buyers. When a semi-detached house can cost €100,000, a deposit of €20,000 is more achievable

Further Information: eimer@realestatealliance.ie 086 8249040


Property market facing more certain 201525 November 2014

The property market is facing a more certain 2015 following a period of uneven growth nationwide over the past 18 months, according to national estate agency group Real Estate Alliance.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

“We are definitely seeing the market taking its breath in the more-heated sectors, such as Dublin, where we have seen a softening of demand over the past six weeks,” said incoming REA Chairman Seamus Carthy of REA Seamus Carthy, Castlerea & Roscommon.

“In Dublin you are still going to have a lack of supply and no great increase in the new homes coming to market.

“However, the panic buying has gone out of a market that had seen an average house appreciate by almost 31% over the past 18 months.

“Our REA Average House Price surveys throughout 2014 identified the emergence of a three-tier market.

“Demand and prices in tier two, which is the commuter belt and major cities such as Cork and Galway, are beginning to take on a more predictable look after rapid growth in 2014.

“There will still be a demand nationally in 2015 for 20-25,000 new homes which will not be satisfied due to a lack of availability.

“Market forces will dictate and that you will see increases in most sectors, albeit at a more measured level than experienced over the previous 15 months.

“The third tier, which are the remaining towns and surrounding areas, have shown an increase in recent months, albeit at a sustainable level, and for the first time each county has shown an increase.

“Notably, in tiers two and three, we are seeing a steady continuation of the recent reductions in time taken to sell, and an increase in mortgage-backed buyers.”

CEO Philip Farrell has hailed the past year as an exciting one for the group and the property market.

“We have seen REA increase their membership to 52 branches nationwide and the group’s profile rise thanks to our members giving an informed an qualified view of the market through our average house price surveys.

“We hope to be announcing a number of new offices in the new future and have expanded out head office staff by three.”


REA Board 2015: Chairman: Seamus Carthy (REA Seamus Carthy, Castlerea & Roscommon Town), Vice Chair: Michael O’Connor (REA O’Connor Murphy, Limerick), Barry McDonald (REA McDonald, Lucan), Harry Sothern (REA Sothern, Carlow), Michael Gunne (REA Gunne Property, Dundalk), Eamonn Spratt (REA Spratt, Dungarvan), Joe Brady (REA Brady, Carrick-on-Shannon), Eoin Dillon (REA Dillon, Nenagh), Liam Browne (REA Paddy Browne, Ennis).

Average three-bed semi rises by 17.59% in 201420 October 2014

The price of an average three-bed semi in Irish towns and cities rose by 17.59% in the first nine months of the year, according to a national survey carried out by Real Estate Alliance.
The Real Estate Alliance Average house index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.
Price increases in the commuter areas around Dublin are continuing to outstrip those in the capital as first-time buyers chase bargains priced at almost half of those in the metropolitan area.
Three-bed semis have seen a rise of 21.59% across the country over the past 12 months, while prices in Dublin city rose by 24.24% over the same period of time.
The average price of a three-bed semi is now 179,981 nationally including Dublin, an increase of 26,925 (17.59%) on the Dec 13 figure of 153,056.
And the average house has risen by 9,907 since the end of June, rising 5.83% in value across the country.
In Dublin city, the average three-bed semi has risen by 27,500 over the past three months to 375,833, an increase of 20.59% on the December figure of 311,667 and a 7.89% rise over the June figure of 348,333.
“Prices are continuing to rise at a pace in Dublin, but our agents are reporting that the panic buying seems have gone out of the market, with less people at viewings and houses taking a week longer on average to sell,” said REA CEO Philip Farrell.
“The three-tier market that REA surveys have identified is still continuing, with the commuter areas out side Dublin, and larger urban areas such as Galway and Cork growing at twice the rate in the first nine months (21.88%) than the rest of the country at 11.47%.”
In Dublin, the market shows no signs of dropping off, with prices increasing by almost 8% in the last three months, after rising by 12% in the first half of the year.
The average three-bed started off the year at 311,667 and now costs 375,833.
Both South Dublin and Lucan recorded rises of 15.38% over the past three months alone, with houses in the west Dublin town rising by 40,000 to 300,000 in 12 weeks.
REA agents in Lucan are reporting that the market appears to go through a frantic two or three weeks, before slowing down and spiking again.
Although the rate of increase has slowed after a meteoric rise in Tallaght, the price of a three-bed semi in the Dublin 24 suburb has increased by 37.5% since the start of the year, and 10% over the past three months.
“Increasing rents and a shortage of supply are seen as the main drivers in increasing prices in this area,” said Philip Farrell.
The average property is now taking just seven weeks to sell nationwide, on average over 41% quicker than six months ago.
However, Dublin has seen an increase in time to sell, with houses now taking five weeks on average to close, up from four in June.
“Our agents are reporting that there are more private houses now for sale, which is giving the discerning purchaser a better choice and as a result there is not the same amount of bidders as there were in the first six months of the year,” said Philip Farrell.
There has been a sharp rise in the amount of private homes for sale nationally, with the percentage of distressed properties on the market dropping for the first time in the life of the survey.
Just 37% of properties on the market are now distressed, down from a yearly high of 45% in June.
There is further evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in December 13 to 50% in September 2014.
“We have seen a marked increase in mortgage transactions in Dublin to 56% of all sales, with 62% of sales in the commuter areas being financed by the banks,” said Philip Farrell.
“We are also seeing investors being influenced by the end of December deadline for obtaining capital gains tax relief over the next seven years.
“We also feel that the recent proposals on mortgage finance announced by the Central Bank could have a direct impact on the market from January 2015.”
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie

REA Statement following 2014 Budget14 October 2014


 The Minister For Finance missed the chance to influence the supply and continuing rising cost of new homes in the Budget, according to Chartered Surveyors group Real Estate Alliance.
Landowners now have a greater incentive to offload potential development land as a result of today’s Budget, but more action was needed to increase the supply of new homes to market.
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
“The dropping of the 80% windfall tax on development land may provide some incentive for landowners to offload potential sites as the tax will now fall into line with the standard CGT rate of 33%,” said REA Chief Executive Philip Farrell.
“We also welcome the Minister for Finance’s intention to commence a consultation process on addressing the area of landowners holding on to suitable development lands in anticipation of a large increase in values over the coming years.
“However, we feel that it is crucial that this process is initiated immediately as the fundamental issue in the marketplace is the lack of supply of homes.
“The significant recent increases in property values are not credit driven and whilst the proposed introduction of new borrowing restriction for purchasers for 2015 may stem the demand somewhat, it still does not address the primary issue of supply of new homes.
“We also feel that the Minister missed an ideal opportunity similar to that introduced in the hospitality sector in recent years to temporarily reduce the VAT payable on new homes which currently stands at 13.5% in an attempt to increase the supply of new housing.
“The proposed new lending restrictions on purchasers will create extra pressure on rental values nationally in 2015.
“REA welcome the extension of the Home Improvement Scheme to provide relief for investor/landlords.
“This can only lead to a higher standard of rental housing stock than is currently being provided in the marketplace.”
Available for interview:
Philip Farrell, CEO Real Estate Alliance 
086 250 3515 / philip@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037 / darren@mediaconsult.ie




REA June 2014 Property Survey27 June 2014



REA June 2014 Property Survey


Price increases for houses in the commuter counties around Dublin have outstripped those in the capital for the first six months of the year, according to a national survey carried out by Real Estate Alliance.

The price of an average three-bed semi in Irish towns and cities has risen by 11.12% to €170,074 since the end of December, the Real Estate Alliance Average House Index has found.

The survey of 50 REA members nationwide also reported a 20% increase in mortgage-financed sales and a 32% reduction in selling time for properties since the start of the year.

The REA index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.

In Dublin city, the average three-bed semi is now costing €348,333, an increase of 11.76% on the December figure of €311,667.

However, in the commuter counties and smaller cities like Cork and Galway, three-bedroomed semis have increased by 15.54% to an average price of €182,353 in the first six months of the year.

“The shortage of supply of starter homes in the commuter belt and large urban areas such as Cork and Galway is every bit as challenging as the situation in Dublin,” said Real Estate Alliance CEO Philip Farrell.

“In many cases we are now seeing increases in value which exceed that of Dublin.

“There is further evidence of a three-tier market in existence, with urban areas in the rest of the country seeing half of the growth of the commuter belt with values at an average of €106,345, up 6.57% in the first six months.”

Three-bed semis have seen a rise of 19.69% across the country over the past year, while prices in Dublin city rose by 21.16%.

The average price of a three-bed semi is now €170,074 nationally including Dublin, an increase of 17,018 (11.12%) on the end-Dec 13 figure of €153,056.

The average three-bed semi in Dublin now costs €348,333 – a jump of €36,666 since the start of the year.

Three beds in Tallaght and the Dublin 24 area have jumped by 25% from €160,000 in December to €200,000 at present.

"Tallaght, in particular, is reflecting a huge shortage of property on the market, particularly family homes,” said Philip Farrell.

“Rents are also increasing making it cheaper in many cases to buy than rent.

“Prices are also being influenced by the fact that there was very little property moving in the area a year ago.”

The average property is now taking just nine weeks to sell nationwide, on average nearly 32% quicker than six months ago, while in Dublin, the time taken to sell has halved from eight weeks at the turn of the year to just four now.

While there has been a sharp annual rise in the amount of distressed properties being sold on the market (up 32.45% nationally), most of that growth was in the back end of last year, and the rate of increase this year has slowed to just 7.56%, showing a return of the private seller in greater numbers.

There is hard evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in Dec 13 to 53% in June 2014.

“In Dublin, mortgage transactions now make up 49% of all sales, and we are seeing hard evidence that the banks are lending in increasing numbers,” said Philip Farrell.

“Nowhere is the increase in bank lending more keenly felt than in the commuter belt, Cork and Galway, with 55% of all sales now being financed by mortgages.

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REA BROPHY FARRELL OPEN NEW OFFICE18 June 2014

REA Brophy Farrell has opened a second office in Naas, Co. Kildare thanks to an improving property market.

Principal of REA Brophy Farrell, Brian Farrell said the company is looking forward to the future. “In light of the upturn in the property market we feel we can better serve our clients with two marketing offices,” said Brian. “This is a very positive development in view of the recessionary times we have seen over the last six or seven years”.

The long established practice has been selling property in Naas for over 60 years. Tom Brophy started the auctioneering business in Newbridge in 1952 and in 1982 the practice became ‘Brophy Farrell’. “We are delighted to be opening a second marketing office to better serve our expanding business in the greater Naas area,” said Brian

The business now employs 6 people and covers all of County Kildare, and particularly the towns of Naas and Newbridge. “From our many years in business we know that a client needs to have complete trust in their property advisor,” said Brian. “At Brophy Farrell we specialise in giving a personal and honest service , with the experience we have built up over many years, we enable people to achieve their goals.”

A native of Naas, Brian Farrell has watched the town grow hugely since he started in business in 1978. “Naas now has a population of 20,000 but while there have been many changes, the requirements of clients are still the same. “Whether they are a corporate client or private client, it all boils down to trust in their property advisor.”

In 2003 Brophy Farrell joined Real Estate Alliance, a nationwide group of chartered surveyors. In 2013 Brian was joined by Elaine Gillespie Assoc. SCSI. Elaine formerly worked for Lisney and specialises in Residential sales and valuations.
           
Brian Farrell said the opening of another Naas office along with their branch in Newbridge will enable the firm to better serve their long established, client base and to expand that service further.“Our membership of Real Estate Alliance enables us to share market knowledge with the leading property firms in the country, to seize new opportunities for our clients, speed up the sales process and have better access to corporate decision makers.

Further information:
Brian Farrell – REA Brophy Farrell, 045 431327
Eimer O’Keeffe – eimer@realestatealliance.ie 086 8249040



REA has announced the addition of four new offices to its national roster19 May 2014

Ireland’s fastest-growing network, Real Estate Alliance, has announced the addition of four new offices to its national roster.
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
The innovative group this week unveiled new offices in Clonmel, Westport, Naas and Carrickmascross, adding to its growing national footprint.
“We are delighted to have these new members on board and they represent the type of firm which Real Estate Alliance is proud to be associated with – experienced, professional and qualified,” said REA CEO Philip Farrell.
 “The combination of business being distributed to REA agents from central office, together with the requirement that all agents must be accredited Chartered Surveyors is proving a major attraction to new members.
“Members enjoy the fact that Real Estate Alliance is different from other property groups and they can tap-in to the wealth of knowledge within the group which is particularly useful in valuation work.
“The new agents who have joined our network are REA Stokes & Quirke in Clonmel, REA Olivia Needham in Westport and in Naas REA Brophy Farrell have opened a new office in addition to their Newbridge outlet. REA Gunne Property in Carrickmacross have opened up a new office in addition to their office in Dundalk.
“The recent addition of our new Property Tracker system that interfaces with the clients to give real-time reports to banks and receivers, allows agent and client to deal with sales and management in a much more efficient manner.”
John Stokes of REA Stokes & Quirke in Clonmel has joined the Alliance due to the Group’s increase presence and expert take on the property market.
“We feel that the progressive approach which REA are currently showing in the market place is a vindication of their belief in the positive future which is ahead of us, both in terms of our economy and the property sector,” he said.
“REA are visible, innovative, effective, and their nationwide view on the market through their continued surveying is one that provides a realistic and trustworthy message to both buyers and sellers.”




Available for interview:
Philip Farrell, CEO Real Estate Alliance, 086 250 3515, philip@realestatealliance.ie

For further information on exhibition contact:

Eimer O’Keefe, Real Estate Alliance,  086 8249040 / eimer@realestatealliance.ie

€746,000 worth of property sold today at REA Limerick Auction03 April 2014


The first North Munster Regional Auction of 2014 was held today in the Limerick Strand Hotel and proved to be a huge success with 77% sold at auction & 15% immediately after auction to the highest bidder giving a 92% success rate.
In summary there were 15 Lots, 2 of which had to be withdrawn prior to auction, 10 properties were sold at auction & 2 sold to the highest bidder immediately after. One property remains unsold but we are presently negotiating with an attendee at the auction.
The total capital value of the Lots was €746,000, the highlight of the auction were  4 High Street, Caherconlish which achieved 97% over its reserve & 56 Caislean na hAbhainn which achieved 25% over their minimum reserves. 

According to Michael O'Connor of REA O'Connor Murphy " We are delighted with our results today. The large attendance proves that there is once again an appetite in the North Munster region for property investments.  We look forward to our next North Munster Auction in June of this year to be held again in the Limerick Strand Hotel".

Lot Number Property  First Bid  Last Bid  Status Min Res diff %
1 45 Ard Aulinn €90,000 €114,000  Sold €99,000 €15,000 15
2 Barrack Street €30,000 €35,000  Sold €35,000 €0 0
3 307 Aviary House  Withdrawn prior to auction
4 56 Caislean na hAbhainn €62,000 €81,000  Sold €65,000 €16,000 25
5 Glebe View  Sold to highest bidder after auction
6 80 Ard Aulinn €90,000 €95,000  Sold €95,000 €0 0
7 Railway Road Currently negotiating
8 27 Clonmacken Ct €62,000 €65,000  Sold €65,000 €0 0
9 Lock House €10,000 €28,000  Sold €15,000 €13,000 87
10 Unit 9/10 Ashbury €43,000 Sold to highest bidder after auction
11 311 Aviary House  Withdrawn prior to auction
12 4 High St €25,000 €49,000  Sold €25,000 €24,000 97
13 112 Richmond Ct €25,000 €30,000  Sold €30,000 €0 0
14 88 Ard Aulinn €95,000 €99,000  Sold €99,000 €0 0
15 138 Carraig Midhe €55,000 €70,000  Sold €60,000 €10,000 17
€666,000

Property prices up 6.2% outside Dublin as three-tier market emerges25 March 2014

The first signs of a nationwide property recovery in 2014 has been confirmed with one national estate agency group reporting a 6.2% annual price increase outside Dublin – as a three-tier market emerges.
A survey of 48 Real Estate Alliance members nationwide has reported a mini-boom in the residential market around the country since mid-January, with average viewing numbers up by 84%.
“We are now moving from a two-tier market to a three-tier one for the first time, with Dublin, a large commuter ring and large urban areas nationwide, and then the rest of the rural areas all showing different levels of positive activity,” said Philip Farrell, Real Estate Alliance CEO.
“Our agents are reporting an increase in supply of 11.5%, with average prices for closed sales rising by 6.2% on the spring selling period last year – the bulk of which has happened since mid-January.
“Each property is now attracting 13 viewers on average, up from seven in 2013, and this has enabled some agents to organise block viewings – something we haven’t seen since the height of the boom.
“Our survey shows that the average time it takes for sale agreed has dropped from 17 weeks in 2013 to an average of ten in 2014.
“We are seeing an increase in bank-funded buyers on the ground which has led the previously strong cash buyers figure to drop from 70% to 56% of the market. 
“In larger urban areas nationwide there is a release of pent-up demand as people begin to make moves to secure property in desirable areas.
“We are also seeing a marked increase in market sentiment, which hit rock bottom last year.
 “Viewing numbers are up, AMVs are being achieved, and exceeded in some cases, with an increase in both first and second-time buyers.”
“While there is an increase in activity overall, there are still some counties which are slow to perform price-wise. 
“This is generally due to over supply in these areas and a lack of demand as potential buyers don’t have the same access to the same amenities that many urban areas provide.”
Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents. 
REA O’Brien Collins in Drogheda has reported that a property with an asking price of €80,000 had 41 viewers, attracted 10 bids and sold for €100k after 30 days on the market.
REA Celtic Properties in Bantry have reported sufficient interest to organise block bookings for the first time in five years.
“Take the case of two identical holiday homes in Milford, Co Donegal. One attracted two viewings and one offer last spring and sold for €100,000. This year, a neighbouring property received 10 viewings, and four offers before selling for €111,500” said Philip Farrell.
“In Meath, REA T&J Gavigan are reporting that the average price for a 
three-bed semi-detached in Kells last spring was 100k. That has now risen to €110,000 with strong demand.
“In Limerick, REA O’Connor Murphy are seeing a substantial increase in demand in the prime locations such as the North Circular Road and Ballyclough. This high-end increase is also being reported around the country, in areas such as Drumconora and Barefield in Ennis and Dungarvan.
“In Cork, REA O’Donoghue and Clarke are reporting a 15% price increase, with supply up 20% on last year. Demand is high for three-bed semis and also small sites around Cork city and we are seeing five weeks on average to sale agreed.
“In the coastal areas in particular, we are seeing a large increase in enquiries from the UK – due both to our recent London Property Exhibition and also our tie-up with 
rightmove.co.uk.
“However, our survey also sees a lot of members predicting a shortfall of supply in their areas due to lack of three and four-bedroomed new developments coming through.”

Cash buyers out in force at REA Property Exhibition26 February 2014

The UK-based buying boom in Ireland is gathering apace, according to figures from Real Estate Alliance’s successful Irish Property Exhibition in London last weekend.
REA members were delighted with the business done at the exhibition at the Hilton London Olympia which attracted hundreds of potential buyers – 92% of whom were potential cash purchasers.
“Our agents were really pleased to meet with so many quality cash buyers and they expect those conversations to very quickly convert into sales,” said REA Chief Executive Philip Farrell. 
“Many of those UK buyers have already made plans to travel to Ireland to view their potential properties. 
“A comprehensive survey taken of attendees showed that the vast majority of them were committed to buying in Ireland, with 46% aiming to spend between €100,000 and €200,000.
“Some 42% of the potential buyers were looking for properties in the €200-300,000 bracket with 9% seeking to spend over €400,000 on a desirable Irish residence.
“The investment sector proved stronger than we would have anticipated, with 40% of those attending seeking to purchase a buy-to-let property in Ireland.
“A further 38% were aiming to buy a retirement home or planning to move here permanently, with 12% of attendees searching for a holiday home and another 10% keen to buy a family house.”
The majority of attendees were interested in buying a bungalow or house with just 20% aiming to purchase an apartment.
“UK buyers are to the fore of a nationwide resurgence in property sales,” said Philip Farrell.
"The average property price in Ireland is now €157,000 compared to €211,000 in the UK, so there is real value in the market, which is driving demand.
“A recent survey of Real Estate Alliance members nationwide showed that 20% of agents' overall enquiries now come from across the water – equating to an average 13% of their overall sales.
“This is why Real Estate Alliance has become the first Irish property group to form a strategic alliance with the UK’s leading property website 
www.rightmove.co.uk.
“This agreement will see all properties for sale from each Real Estate Alliance office displayed on the overseas properties portal on the industry-leading site, and its sister website www.rightmoveoverseas.co.uk.”
(REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.
Their partners at the event included 
Rightmove.co.uk, Smart Currency, Careline Removals and Patrick J Farrell & Company Solicitor

Real Estate Alliance link with UK's largest property site10 February 2014

Real Estate Alliance has become the first Irish property group to form a strategic alliance with the UK’s leading property websitewww.rightmove.co.uk.
This agreement will see all properties for sale from each Real Estate Alliance office displayed on the industry-leading site, and its sister website 
www.rightmoveoverseas.co.uk.
Irish property sales to UK-based purchasers boomed in 2013, with a Real Estate Alliance (REA) survey reporting a 39% increase in business over 2012.
Irish property vendors are being given the chance to cash in on this mini-boom by registering for the Alliance’s upcoming London Property Exhibition with their local REA agent.
The exhibition takes place in the Hilton London Olympia on Saturday February 22 – the day Ireland face England at Twickenham in the Six Nations rugby championship.
Rightmove Overseas Account Manager Tom Whale said that they were delighted to start working with one of the largest estate agency names in Ireland. 
“Interest for property in Ireland on Rightmove Overseas has increased dramatically over the past 12 months with over 25,000 users now looking for Irish properties every month. 
“The large number of listings from Real Estate Alliance will help to provide our users with an exceptional level of choice whether it be for a second home, relocation or pure investment.”
Philip Farrell, Real Estate Alliance CEO said that the agreement will see Real Estate Alliance members offer property vendors even more options and a direct pathway into the growing UK-based purchasers market. 

Irish property sales to UK-based purchasers boomed in 2013 with one national estate agency survey reporting a 39% increase in business over 2012.17 January 2014



Irish property sales to UK-based purchasers boomed in 2013 with one
national estate agency survey reporting a 39% increase in business over
2012. A survey of Real Estate Alliance members nationwide reported that 20% of
their overall enquiries now come from across the water – equating to an
average 13% of their overall sales.
Now Irish property vendors are being given the chance to cash in on this
mini-boom by registering for the Alliance’s upcoming London Property
Exhibition.
The exhibition takes place in the Hilton London Olympia on Saturday
February 22 – the day Ireland face England at Twickenham in the Six
Nations rugby championship.
“UK buyers are to the fore of a nationwide resurgence in property sales,
and this exhibition is a golden opportunity to advertise homes that are on
the market,” said Philip Farrell, Real Estate Alliance CEO.
"The average property price in Ireland is now €157,000 compared to
€211,000 in the UK, so there is real value in the market, which is driving
demand."
Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with almost 50 branches nationwide, comprising many of
the country’s longest-established auctioneers and estate agents.
“A survey of our agents has found that 87% of UK clients are cash buyers,
with 75% of enquiries to offices leading to completion of sales,” said Mr
Farrell.
“These are figures unmatched in any other sector of the Irish property
market today, and I urge those who wish to sell their homes to get in
touch with their local REA agent so their properties can be showcased at
this exhibition.
“The survey has found that 84% of the UK buyers are aged 50 and over with
the majority living in London and the south east.
“We have found a large number of our enquiries come from Irish emigrants
wishing to return, with over half of them buying homes for their
retirement.
“However, we are also seeing a strong pick-up in English people looking
for an affordable escape to the country.
“While there is a strong mix across the price ranges, we are seeing the
largest interest reported in detached properties, generally in rural
settings.
“A further 16% are coming to live and work in Ireland and, interestingly,
of those who are not retired, 29% are buying in Ireland to work from home
and continue their jobs in the UK.
“While holiday homes and change of lifestyle decisions make up a combined
23%, 9% of the properties our agents sold in this market in 2013 were for
investment purposes.
“The quality of the UK buyer has been consistent across the survey, with a
high number being reported as genuine buyers.
“While the average year-on-year increase in trade from the UK came in at
39%, some of our agents have reported rises well in excess of 50%, which
gives us great hope both for this exhibition and 2014 as a whole.”
Further details on the REA London Property Exhibition, and a list of local
agents, can be found on 
www.realestatealliance.ie

Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / 
philip@realestatealliance.ie

For further information on exhibition contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / 
eimer@realestatealliance.ie

Media information:
Darren Hughes, MediaConsult 086 2937037  
darren@mediaconsult.ie

Message from Board Director

Michael O'Connor Michael O'Connor 
REA O'Connor Murphy

Under the REA banner, our clients have access to a national network with an international dimension, and we have recently linked up with the UK’s largest property website www.rightmove.co.uk, who now list our properties directly to overseas buyers.

We move people not just property.

Eimer O'Keeffe, Marketing Manager REA