July 13, 2020
Business News Property

Pandemic fails to dent value of homes across Kilkenny: survey

The price of the average three-bed semi in county Kilkenny fell by 2.8% to €207,500 in the past year, a new survey reveals.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained unchanged in all areas over the past three months, according to the latest national survey carried out by Real Estate Alliance.

“We have not seen any change in prices and people seem to have confidence at the moment,” said Robbie Grace of REA Grace, Callan.

“There are a lot of enquiries for all types of properties, and there is a slight increase in cash buyers, investors and small builders who are looking for deals and properties that they can do up and turn around in the short-term.”

In Callan, the price has remained static at €175,000 for the past year, while time to sell has increased by one week to nine this quarter.

“The temporary halt in sales activity caused by the Covid-19 lockdown stalled the market somewhat, but sellers saw a very quick resumption of interest in their properties after the restrictions eased,” said Michael Boyd, REA Boyd’s Kilkenny city.

“REA Boyd’s have been inundated by requests to view properties launched since the lockdown and see no reason to be pessimistic about pricing.

“There has been no change in prices, but there has been an increase in the volume of enquiries, especially for starter homes and some investments.”

In Kilkenny city, prices fell by 4.8% in the past year to €240,000, with prices remaining unchanged this quarter. The average time to sell has remained static this quarter at 12 weeks.

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

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

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

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

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

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

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