THERE has been a reduction in the amount of Dubiners looking for a home in Wexford in the last 12 months, according to local agents.
Traditionally, the Dublin market has had a knock-on effect on the Wexford, given its commuting proximity to the Capital.
This has resulted in house values have risen slowly in the county with no change in some categories like the three-bed semi, but a rise of between 15 to 20% in apartments, taking a one-bed from €100,000 last year to €120,000 this year.
According to one agent, the prices dropping and levelling out in Dublin have had a knock-on effect on the market down here.
With the economic turn-up living is slightly more affordable in the Dublin, with no reason for buyers to move down and face the commute when they could stay put in the Capital.
Or there were the people who expected to sell quickly in Dublin, but the sale took longer than expected, or they didn’t get the price they thought they would for the house, so plans changed.
Locals in towns like Gorey don‘t have high-paying jobs because employment mostly comes from the service or tourist industries, or trades.
First-time buyers are keen to buy new homes so they can get the A-rating and avail of the help-to-buy scheme.
The holiday home market was more buoyant than the local market in Wexford last year.
In terms of holiday homes, the good ones still selling well and increasing in price. The smaller, more affordable ones are quiet. People are now buying houses in Ballymoney as permanent homes, whereas this always would have been seen as a holiday village.
Before the boom, they were probably €40,000 more expensive than a house in Gorey, whereas now they‘re about €40,000 cheaper, so that market has changed.
Rents in Gorey are at a record high, which is also impacting the local market. A new three-bed semi is renting for €1,350. The people paying these rents that are being told by the banks that they can‘t get a mortgage that would cost about €800 a month.
The builders are back on sites in Gorey and north of the county, but further down, it doesn‘t make sense because prices would not be high enough to make it viable for the developer.