Wexford House Price Survey September 2020

The price of the average three-bed semi-detached house in Wexford rose 1.8% this quarter, a national property survey has found.

The REA Average House Price Survey found that the average across the county rose to €196,000 over the past three months.

As people move away from urban hubs and incorporate new working-from-home lifestyles, the time taken to sell across the county fell over the past three months from nine weeks to eight.

“We have seen a huge interest from buyers looking at north Wexford as a place to purchase,” said Winston Halnon of REA Halnon McKenna, Gorey.

“Purchasers vary from first time buyers to people looking for holiday homes, and a lot of people looking to buy are coming from Dublin, Wicklow and further afield and are attracted by the value for money that can be found.

“Access to the M11, broadband, and good transport links are big considerations. Many buyers have the option to work from home but also need to be within an hour from Dublin.

“The lack of supply of all property types is concerning, as stock levels are low for rental and sales properties.”

Prices in Wexford town rose by 2.9% this quarter to €180,000, and, in the same period, Gorey prices rose 1% to €212,000.

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 is 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.”