Cheaper to buy than build a house in Mayo
IT is now cheaper to buy rather than build a house in Mayo, with strong competition for second hand homes.
House prices nationwide are set to rise even further this year, with estate agents predicting an average rise of 4.9% over the next 12 months, according to the 2024 Sunday Times Property Price Guide, a dedicated 32-page supplement published free with the Sunday Times.
The Sunday Times Property Price Guide is the authoritative guide to the Irish property market, featuring interviews with a number of estate agents who outline their predictions for the year.
The overwhelming majority of counties are predicted to experience growth in property values during 2024 - house prices in Mayo could rise by 5%.
The cost of building and renovating, the trickle of properties coming to the market along with the tightening of planning laws are all factors affecting price values. It is now cheaper to buy than to build in the likes of Wexford, Waterford, Mayo and Offaly.
There is strong competition for second hand homes with buyers willing to consider fixer-uppers despite the huge costs involved in renovation projects.
Second-hand bungalows are back on trend, appealing to downsizers in rural towns and villages across Ireland.
Motivated first time buyers are taking advantage of government incentives to get their foot on the property ladder. However, many have reservations about the Vacant Property Refurbishment Grant given the 10-year occupancy clause or are underestimating the amount of work needed and the cost, while some are planning to tackle construction themselves.
Returning emigrants with savings and cash buyers from Dublin and commuter counties are pricing out locals from the area. However, the National Broadband Plan has been a game changer for many rural counties as buyers seek more space, home office potential, and a better quality of life in rural counties and coastal areas.
The guide reveals that the top five most affordable areas for three-bed semi-detached houses are:
Mohill, Co. Leitrim (€155,000)
Ballinamore, Co. Leitrim (€160,000)
Castlerea, Co. Roscommon (€160,000)
Ballyconnell, Co. Cavan (€160,000)
Strokestown, Co. Roscommon (€165,000)
The top five most expensive areas for three-bed semi-detached houses are:
Greystones, Co. Wicklow (€605,000)
Ballinlough, Cork City (€490,000)
Model Farm Road, Cork City (€490,000)
Naas, Co. Kildare (€480,000)
Blackrock, Cork City South (€475,000)
Róisín Healy, Deputy Features Editor of Sunday Times Ireland, said: “The rental crisis, the cost of building and renovation works and the persistent lack of supply is leaving the property market nationwide at a standstill. This is having a real impact across all age cohorts and at every end of the market, as people struggle to rightsize. This is affecting first time buyers, growing families and older people who wish to trade down. The scarcity of homes to buy and to rent is a massive concern across every county.”