October 30, 2020
Business News

€13,000 wiped off value of Wicklow houses in just 12 months

House prices in Wicklow have fallen for the first time in nearly 10 years and have seen close to €13,000 wiped off their value in just 12 months.

That’s the findings of a report published today which shows house prices in county Wicklow have fallen by 3.8% in a year and have seen on average an €12,800 decrease in value.

In Wicklow prices in the final quarter of 2019 were 3.8% lower than a year previously, compared to an increase of 6.4% seen a year ago.

The average house price in Wicklow is now €320,972 – more than €12,800 less than the prices 12 months ago which then stood at €333,804.

Across the country housing prices fell by 1.2% during 2019, the first calendar year recording a fall in prices since 2012.

The average price nationwide in the final quarter of the year was €250,766, 2.4% lower than in the third quarter and 1.2% lower than a year ago.

Dublin is recording a between 2% and 4% reduction in house process depending on which part of the city the house is in.

In the other main cities, prices were higher, with year-on-year increases of 0.8% in Cork and 2.9% in Limerick and 3.3% in Waterford City. There was no change recorded in Galway.

Outside the cities, prices were also falling, by between 0.8% in Munster and 2.6% in Connacht-Ulster.

Reviewing the latest figures, and the performance of the housing market over the last decade, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: “In the first and final quarters of the 2010s, sale prices were falling – but that is where the similarities end.

“Over the last ten years, the sales segment of Ireland’s housing market has transformed, albeit slowly. As it enters the 2020s, there appears to be relatively good balance between the pipeline of newly built owner-occupied housing and the number of households able to buy that housing, given constraints such as the mortgage rules. Where falling prices represent the ability of developers to build new homes for less, this fall is good for the country’s competitiveness.”

 

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