Limerick Auctioneers and Estate Agents will be happy with this new as reports say that 3300 people got the thumbs up for mortgages. This is a rise by nearly 500 on this time last year. Auctioneers in Limerick are busy at the moment as interest is certainly back in the air.
http://www.independent.ie/business/personal-finance/property-mortgages/looking-to-buy-surge-in-number-of-home-buyers-getting-approval-for-mortgage-35009293.html
Rents all over the land are now at record levels, even higher than that of our famous celtic tiger boom. In Limerick they are up 15.5%, Dublin 18.2% and Galway nearly 14%.
The cost of renting a home has gone up nearly 4% in the last three months alone!! On the other side of teh coin, property available has dipped 20%. In Limerick rents are up on average by 15.5% in the last year.
http://www.thejournal.ie/cost-of-renting-and-available-housing-2941259-Aug2016/
Limerick Property is selling faster than other parts of the country. We can confirm that homes are been sale agreed, some as quick as during boom times.
Limerick City had a turnover rate in housing of over 2% between July 15 and June 16. Taking Dublin out of the equation the rate falls to 1.%, just going to show the significance Dublin has on the housing market.
At the moment in Limerick, demand is outstripping supply. Maybe only two years ago, this was another story where supply outstripped demand. The demand is coming from all sectors, whether its investors or first time buyers.
If you need insurance for your Limerick property or anywhere else in Ireland I can recommend Sullivan Insurances in Limerick. We have used them for all types of insurance and they give good service and good rates. See their link below to their property section.
http://www.sullivaninsurances.ie/house-insurance/
Over the country as a whole, at the moment there is a 1.5% gap between the end or final price and the property’s first listed price. Together with a similar picture from last quarter, this represents the closest to how healthy the market has been since the beginning of the decade.
According to the central bank 2 out of 3 new mortgage drawdowns over the last 12 months were on standard variable rates. Compared to the rest of Europe this goes against the grain as fixed rate seem to be more common.
http://www.rte.ie/news/business/2016/0812/808732-two-thirds-of-new-mortgages-on-variable-rates/
It is apparent that one bed home in Limerick are in demand.
In Limerick there are well over 4000 people on housing waiting lists.
Statistics show that the turnover rate for houses is very very low.
Limerick Auctioneers and Estate Agents would agree….
A key statistic which the report pointed to was that the average turnover rate throughout the country so far this year was 2.1%, which was slightly down from 2.2% in 2015 and is still far below what would be a usual housing turnover rate of around 4 to 5%.
http://www.rte.ie/news/business/2016/0809/807972-rate-of-turnover-of-housing-stock-is-just-over-2/
The rental market in Limerick and across the country is in dire straights at the moment and this is due to a number of reasons all coming together at the same time to cause the perfect storm! A couple of the issues in Limerick and the rest of the country are:
These are just a few of the reasons affecting the market, this is certainly the consensus among Limerick Auctioneers and Estate Agents and letting agents.
http://www.businesspost.ie/are-well-meaning-policy-decisions-contributing-to-housing-problem/