Sam Matthews email@example.com @SamAMatthewsKP
Estate agents are predicting a 10% increase in house prices in Kilkenny during 2017, driven by first-time buyers encouraged by the easing of the Central Bank’s restrictions on mortgage deposit lending.
A survey carried out by the Real Estate Alliance Group has shown agents expect prices in the county to continue to rise after the growth experienced last year. A REA Average House Price Survey shows that prices in Kilenny increased by €20,000 over the past year, with the average three-bed semi now costing €165,000.
“We see a continued increase in demand and prices over the next 12 months,” said Robbie Grace of REA Grace in Callan.
“New houses are to be built locally which will impact on prices and will attract more people to the area. We feel that prices of new three-bed semis will be far in excess of the existing average house.”
The REA says that the announcement of the easing of the Central Bank restrictions has given the market good short-term hope, but the real problem in the property market continues to lie in supply.
“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,” says REA chairman Eamonn Spratt.
The REA survey comes a week after the publication of the latest Daft.ie House Price Report. It showed that, in Kilkenny, prices in the final three months of 2016 were 13% higher than a year previously, compared to a rise of 13% seen a year ago. The average house price is now €193,000, 46% above its lowest point.