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Covid Update October 2020

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REA House Price Index Q3 2020

Waterford homes sell two weeks faster in last quarter – survey

The time taken to sell the average house in Waterford county has fallen by two weeks in the past quarter, a national property survey has found.

The REA Average House Price Survey found that the average time taken to sell across the county fell over the past three mREA Average House Price Survey Q3 2020onths from 12 weeks to 10.

As people move to incorporate new working-from-home lifestyles, the price of the average three-bed semi-detached house in the county rose by 1.1% to €180,000 this quarter.

“We are seeing a strong demand, driven by short supply,” said Des O’Shea of REA O’Shea O’Toole, Waterford City.

Waterford city prices remained unchanged over the past 12 months at €215,000, and time taken to sell fell from 13 weeks to 12 in the city.

“The market in Q3 locally was impacted by external purchasers now sourcing holiday homes in a coastal setting within easy reach of the larger urban centres,” said Eamonn Spratt of REA Spratt, Dungarvan.

“This demand was accelerated by the Covid-19 travel restrictions on international holiday destinations.” 

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.

The average three bed semi nationally Average 3 bed semi Q3 2020 2is now reaching sale agreed after seven weeks across the country – a significant fall from the ten-week average in June.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €236,046, an annual increase of 0.4%. 

Reflecting the beginnings of a flight to rural locations, prices in the rest of the country’s towns rose by almost 1% in 12 weeks to €163,345.

 

“Houses are taking an average three weeks less to sell across the country, driven by a combination of low supply and highly-motivated buyers,” said REA spokesperson,  Barry McDonald.

“This is a huge shift in market behaviour, and one that we have not experienced in the last decade with almost every agent reporting a substantial drop in the time to reach sale agreed.

“Buyers are more focused, with a higher percentage of bids being made, and in many cases are looking to secure homes before their current mortgage approval runs out.”

REA's New Online Auction Platform 'BidNow.ie'

National real estate group REA has launched a dedicated online sales platform under new name BidNow.ie which allows their agents to sell properties in three alternative ways to the traditional model.

REA agents will now have the facility to offer properties for sale via individual or group online auctions, host live-streamed in-room auctions and online private treaty sales.

The nationwide group of 55 estate agencies have a superb record in the online auction space, and their individual and regional auctions have achieved a success rate of over 70% since December 2017 – with sold properties averaging prices of 16% in excess of AMV. Bidnow paper

 “We are changing the way property is being sold in order to improve efficiency and assist in bringing sales to a successful conclusion,” said REA Chairman Anthony McGee.

“As well as the more anonymous online auctions, we will be facilitating both national and local in-room auctions, with each agent having the facility to host live-streamed events.

The online private treaty option on BidNow.ie will allow REA agents to fix a time and date to bring a property sale to conclusion if there are a number of interested bidders.

BidNow.ie will give our agents a full suite of options to offer prospective vendors, and will advise on which will work best for each property.

“For the vendor, our online auctions are an efficient way to sell, with the option of combining all the benefits of the traditional auction room with the speed and transparency of going online.

“Our agents’ local knowledge is vital in the future success of our online offering. The REA agent will set a competitive AMV at the beginning of the campaign, which will be realistic and designed to create interest.

“For the buyer, viewings are either carried out online or by appointment with an REA agent.”

Bidders will sign in after registering for an auction passport, and will pay a returnable €5,100 deposit to bid (inclusive of €100 administration fee). The successful bidder then pays the balance of the 10% deposit and the sales contracts are executed electronically.

The vendor then issues closing documents and the sale closes within 28 days, which is considerably less than through an offline sale.

The entire bidding process is conducted online with the sales contract and other legal documents available in advance on the BidNow.ie platform.

This allows the process to move faster with all legal queries dealt with prior to the online auction.

For more information see BidNow.ie

REA House Price Index Q2 2020

The price of the average three-bed semi in County Waterford remained unchanged over the past year according to a national survey carried out by Real Estate Alliance. IMG 58811

The price of the average three-bed semi in County Waterford remained unchanged over the past year according to a national survey carried out by Real Estate Alliance. 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 at €215,000 in Waterford City and €178,000 in Waterford County over the past three months.

“There is no evidence of a reduction in prices here and the market has been active since we came back two weeks ago,” said Des O’Shea of REA O’Shea O’Toole, Waterford City. “Time will tell if this is pent up demand. Vendors are bringing houses to the market at the moment in the hope that they can get a good price for their properties.

“We are advising vendors to expect a delayed selling period because of the uncertainty in the market.” The average time to sell rose by one week in the city this quarter to 13 weeks, and was unchanged at 12 weeks in the county. 

“Since our office reopened, we have experienced an exceptionally high level of requests for viewings in addition to receiving offers on a number of residential properties,” said Eamonn Spratt of REA Spratt, Dungarvan.

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-bedroom 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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Covid update.

REA House Price Index Q1 2020

The price of the average three-bed semi in Waterford City rose by 2.4% in the past year up to the outbreak  of Covid-19, while those in County Waterford rose by 0.8%, according to a national survey carried out by Real Estate Alliance. Q1 Survey price of 3 bed semi
Prices across the county remained static this quarter at €178,000 in the County and €215,000 in the city, with the average house taking 12 weeks to sell.
The Q1 REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi. It gives an accurate picture of the second-hand property market in towns and cities countrywide to the start of the current crisis, which has seen a sudden slowdown in activity according to REA.

Average house prices nationally returned to growth with an increase in activity in the first three months of the year up the outbreak of Covid-19. The price of a three-bedroomed semi-detached house across the country rose by 0.14% over the past three months to €235,028, after an annual decline of 0.63% in 2019.
“There is no doubt that we saw a stronger market in Q1 up to the start of the current health crisis, with increased first-time buyer activity and higher transaction levels than in the second half of 2019,” said REA spokesperson Barry McDonald. “We are suddenly in a time of uncertainty, and a pause button has been pressed on activity, but the fundamental issue of a lack of supply remains.“ The recent State interventions are welcome in providing increasing levels of security and certainty to loan-approved buyers. Q1 Survey weeks to sell

“Many of our agents are accelerating the move to virtual viewings and online selling methods as the market adapts to the Covid-19 restrictions. “We are in a different place than in 2008, and we will benefit from the effects that the Central Bank’s lending restrictions have had on a market that has experienced conservative rather than rapid growth over the past seven years.
“We also don’t have the huge amount of small-time investors that we saw in the crash as they have left the market in an orderly fashion over the past few years.
“There is unity in the country, the State and the banks are working together to support homeowners, and buyers will have a lot of time to make decisions in the coming weeks and months.”

REA Exhibit at UK Property Investor Show

UK-based purchasers now make up 9% of all enquiries to estate agents’ offices, a nationwide property survey carried out by the Real Estate Alliance group has found. 

10% of all enquiries from UK buyers are now directly related to Brexit – with 14% of subsequent sales directly due to jobs moving to Ireland.

Agents reported that almost 50% of enquiries were from buyers in London or the South East of England – up from 40% in 2019, and indicative of a shifting jobs market.

Overall enquiries from the UK are up by an average of 16% among the 45% of agents experiencing an increase, while those reporting a decrease are seeing calls down by 7.5%. REA LONDON INSTAGRAM POST AGENT

“UK buyers make up 9% of overall enquiries and 4% of sales in the Irish market, with each of our agents reporting an average of 3.2 sales to UK buyers last year,” said REA Chairman Anthony McGee

“10% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 33% are coming to live and work in Ireland for reasons unrelated to Brexit.

“Of those, 9% intend to commute to work in the UK, 21% will be working from home for UK companies and 70% will now be working in Ireland – the latter figure an increase of 12% on our previous survey in 2019.”

The survey also shows that 21% are buying for eventual or immediate retirement, 12% are looking for a change in lifestyle, and 7% are purchasing holiday homes.

The UK buyer is split evenly between urban and rural markets with 55% of people looking for a standalone development.

The biggest percentage of sales to UK buyers (24%) is between €300k-€500k, with 8% spending under €150k, 18% between €150k-€200k, 14% between €200k-€250k and 18% between €250k-€300k.

28% of UK buyers now have no connection with Ireland, which would be a change in historical patterns of enquiries and sales.

Over 7,000 UK property buyers are being offered the chance to view thousands of Irish properties, and to talk to the people selling them, when REA exhibit at the UK Property Investor Show on April 3-4 at ExCel London.

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.

For more information listing properties for the UK Property Investor Show see realestatealliance.ie/overseas.

Waterford house prices to remain unchanged in 2020 – REA survey

The price of the average three-bed semi in Waterford City rose by 2.4% over the past 12 months, with experts predicting the market to remain unchanged in 2020, according to a survey carried out by Real Estate Alliance.

City prices rose to €215,000 this year, with prices throughout the rest of the county rising by 0.8% to €178,000.

There was no change in price between September and December throughout the county, and the survey predicts Waterford prices will remain stable in 2020.

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 second-hand property market in towns and cities countrywide.Indo predictions 2020

“The autumn window was slow to get going after the summer holidays, however, activity picked up in October and has been consistent ever since,” said Des O’Shea of REA O’Shea O’Toole, Waterford City, where time to sell rose in Q4 2019 from 8 weeks to 12 weeks.

“Steady as she goes is our prediction for 2020 until the outcome of Brexit is known.” 

“Activity in the market continues to be quite patchy. The historical seasonal slow-down in the market has been impacted further by the continuing discussion on the Brexit topic,” said Eamonn Spratt of REA Spratt in Dungarvan.

“Prices could potentially continue to stabilise as a result of the delivery of further new housing units, both to the private sector and the state.”

Average house prices nationally fell annually for the first time since the economic recovery, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018.

The average family home nationally now costs €234,704, the survey found – a drop of -0.1% on the Q3 figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago.

The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207.

Q4 REA Average House Price Index 2019Average Prices DEC 2019

Average house prices nationallyAverage house prices nationally fell annually for the first time since the economic recovery, the Q4 Irish Independent REA Average House Price Index has found.

The price of a three-bedroomed semi detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018. The average family home nationally now costs €234,704, the survey found a drop of -0.1% on the Q3 figure of €235,009. However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of are solution to Brexit uncertainty.

“We have seen a more stable quarter, with less negativity and 15 counties recording no movement in price. However, it has not been enough to keep the overall index in the positive against last year’s figures,” said REA spokesperson Barry McDonald.“

It is now taking ten weeks to reach sale agreed in Dublin city and county compared to eight a year ago, and these increases are reflected in commuter areas and out other major cities.

”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 second-hand property market in towns and cities countrywide to the close of last week.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018. The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago. “Although the Q3 prices falls that marked much Brexit indecision have eased slightly, we still saw the average house in South County Dublin fall by €2,700 (-0.7%) in the past three months – compared to €7,000 in the previous quarter,” said Mr McDonald.

County by County Dec 19 vs Dec 18A significant increase in the supply of new and second hand housing in North County Dublin has seen prices drop by €5,000 on average intowns such as Swords, Skerries and Balbriggan. “Despite the -1.6% Q4 fall to an average of €315,000, the north county area has fared better than any other Dublin market with an annual fall of -2.3% compared to a south county drop of -5.1% in 2019.

“The buyer now has a choice – even in the €200,000 to €300,000 band where properties are still continuing to sell, but at a slower rate. While sales are now taking longer, the condition of the property has now become a crucial factor due to the increasing cost of renovations. A trading up market is starting to appear in north Dublin, with people selling two and three bed semis that they bought at the beginning of the recovery, seven years ago".

City centre agents REA Grimes report that the first time buyer market is active, but that investors have moved out of the buying picture. This mirrors a nationwide trend emerging of greater numbers of small landlords putting their properties on the market according to REA agents. The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%. Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged, with an overall rise of 0.5% attributable to a €5,000 Q4 increase in Limerick due to a lack of supply. Galway city average prices are at €282,500, unchanged annually.

Asking price moderation is becoming crucial with over-priced properties sitting on the market for longer, according to agents McGreal Burke. Elsewhere, Waterford City (€215,000) is up 2.4% on the year, and Cork City is up 0.8% annually to €317,500, with the market generally sluggish due to Brexit uncertainty and Central Bank lending restrictions at a relatively high purchase level.

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207. Ireland’s highest percentage annual rise came in Longford, where prices grew 16.2% to €122,000, an increase of €2,000 (1.7%) on the September level, with properties taking just five weeks to sell.

The highest quarterly rise came in Sligo (3.8%) where, with market values at €137,000 still below build cost, demand is strong for available stock and prices have increased by 11.3% annually.

Where building is uneconomical, micro markets are forming around the country as buyers with access to finance battle over a restricted supply. This is evident in Tralee, where agents REA Norths report that average three-bed prices increased by €10,000 (5.88%) in the final quarter of the year, due to an increase in available mortgage finance and a lack of suitable housing.

Where new homes are in place, in areas such as Drogheda, the market in second-hand homes has remained static as first-time buyers opt for modern builds and the support of the Help To Buy Scheme.

Time Taken to Sell DEC 2019

 

 

 

 

 

 

 

 

 

 

 

 

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