One of the questions frequently posed with regard to the economic effect of The Covid 19 Pandemic is what impact it is likely to have on the property market?
Oliver Farrell of Foley Auctioneers states that to date the indicators are fairly muted but will that continue? and if not, What kind of impact are we looking at? Oliver states that activity has been good since coming back to the office. Prior to Covid 19 there was a significant shortage of homes in Ireland. That hasn’t changed, and as people return to work this demand is re-emerging.
So no downward passage on house prices.
Housing Demand & Property Selling Fast Despite Covid-19 Pandemic
Despite our fears of a downturn because of the Covid-19 Pandemic, housing across the country has increased in price by more than three thousand on average over the past three months. The average three bedroom semi-detached house is now reaching sale agreed after just six weeks on the market across the country. This is a significant fall from the ten week average recorded in June 2020.
Some estate agents have been almost entirely cleared out of homes to sell in certain segments. People are watching the market very closely, and our agents are finding that as soon as they put a property up on our sites, the majority of the enquiries are coming within the first 48 hours. Scarcity of supply is now real.
Peoples needs have also changed, brought on by the Pandemic. As we have become accustomed to lockdowns, buyers are now prioritising outdoor space on their wishlist when acquiring a home. Commuter counties are now feeling the benefit of the migration towards space and home-working potential. Meath is listed amongst those counties reaping the rewards from increases in property, as there is now competition between the hybrid workers, for whom commuting time is now becoming less of an issue as they work between home and the office.
Foley Auctioneers are now running a promotion for both our housing and rental properties for the months of January & February. Contact us today on 01-8259622 or firstname.lastname@example.org