Summer Market Review

Welcome to the second instalment of our market review for 2018. In this edition:

• The key findings in Marian Finnegan’s quarterly market review.
• Our view of the market in West Cork.
• Selection of closed sales for Summer 2018.

Market Overview

Sherry FitzGerald Chief Economist Marian Finnegan has published her Summer Review of the Irish Residential Market. To see full report, click here. Key findings are as follows:

• House prices nationally rose by 1.2% in Q2 2018, the slowest growth rate in 18 months.
• Annually to Q2 2018, residential property prices nationally increased by 3.3% which compares to 4.4% over the equivalent period of last year.
• Anecdotal evidence and an analysis of Property Price Register (PPR) data suggests a cooling in inflation at the upper end of the market with price increases in homes sales valued above €370,000 slowing considerably.

Sherry FitzGerald O’Neill’s Con O’Neill commenting on the findings:

“these figures correlate with what we are seeing on the ground.

There are indications that central bank rules limiting the majority of borrowers to 3.5 times salary along with loan-to-value restrictions are starting to slow price inflation at the higher end of the market.

The lower end of the market, below €300,000, is characterised by a larger pool of buyers with price inflation remaining an issue. There is a shortage in supply of quality family homes”

Closed Sales Q2 2018

Property is selling in West Cork. Here is a selection of sales closed in Q2 2018:

1 An T-Ard, Ardfield; Closed €395,000; Elegant 4/5 bedroom detached residence set on a mature, private site, located within the popular coastal village of Ardfield.

Apartment 4F, Inchydoney; Closed €296,000; Beach front, first floor, attractively finished, 2 bedroom apartment looking directly onto the beautiful Lady’s Beach at Inchydoney

68 Tawnies Crescent; Closed €215,000; Well positioned end of terrace 3 bedroom townhouse with sunny south facing back garden and the benefit of a side

Dereenboy, Glengarriff; Closed €231,000; Impressive newly refurbished and tastefully decorated, 3 bed, 3 bath, detached residence located just a five minute drive from Glengarriff village., located convenient to Clonakilty town centre.