It is well known that residential property sales prices and residential rents have increased significantly during the pandemic. Accelerating savings, lower interest rates, hybrid work practices, people looking to upgrade their homes or gain extra space for a home office have all contributed to the increase in Requirement. However, the main driver of rising house prices is the persistently low level of supply. Although attempts are being made nationwide to close the gap between supply and demand, it is likely that housing demand will far exceed supply for the foreseeable future.
Home prices are reported to have risen nationwide in the 12 months from Dec. 20 to Dec. 21 by an average of 7.7%. Outside major cities, the price increase is estimated by daft.ie at 11.9%. On this basis, for example, a house valued at c. €268,000 in December 2020 would now be valued at c. €300,000. We have seen prices rise throughout the year in our business in Kilcullen, Calverstown, Narraghmore, Newbridge and Naas and surrounding rural areas. In certain areas and with certain types of houses, this percentage increase has been higher. Buyers are bidding aggressively on properties in all areas in 2021, especially those in turnkey condition. The less work there was to do and the less investment there was after the purchase, the more buyers were willing to offer.
In-person property viewing was entirely prohibited for the first four months of 2021. This led to pent-up demand when we were allowed to resume normal operations in early May. As a result, the time to agree a sale, from registration to deposit, has been considerably shortened. This has remained the case where properties sell out within weeks.
Most sellers are also buyers, that is, people who move. In order to complete the sale of their home, they usually need to find an alternative property that meets their needs. A strong selling season through December saw almost all of the properties in our office sold or sold in the run up to Christmas. The typical January listing lull is coming to an end as the sales season begins in earnest. We have been busy appraising properties for the spring market over the past few weeks and look forward to less restricted viewings this year.
In New Homes, we launched the first phase of Cairnhill Meadows, on Naas Road. The first phase has been sold off plan and we are looking forward to opening the show house and launching the next phase at the end of February. Full details are available at www.cairnhillmeadows.ie.
The Covid period has allowed us to review our marketing practices, to develop our showcase, to further improve our IT and marketing media with some innovative new features. We pride ourselves on getting the best possible result for every sale we make on behalf of our clients. We intend to continue viewing by appointment only on occupied family homes to ensure the best possible outcome for our clients and to provide a stronger offer to potential buyers.
Those considering a move would be well advised to prepare for a competitive market. We recommend that you start preparations early. We are at your disposal to advise you on the preparation of your property for sale. We provide a free consultation and valuation of your property without obligation. We will provide you with a free written report and advisory document on the sale of your property and the sale process. We also provide a list of sales made in your area showing our achieved results for your review. As a valued customer, we are also happy to advise you on the purchase of your new home, wherever it may be.
Let us help you make your move. Call us today to book an appointment on 045 482 759 or 087 131 1133 or email [email protected]
Austin Egan MIPAV is Director/Owner of Appleton Property, Main St Kilcullen.