22 March 2021
By Roger Jones
Housing prices in Cork are on the up, increasing by some 8.3% in 2020, quite impressive when you consider the impact of the COVID-19 pandemic on the economy, spending power, and even the physical ability to view properties.
The demand has been driven by a combination of factors. Firstly lack of supply of certain categories of property, coupled with increased demand for property buyers has led to a strong market with great prices for sellers. Numbers picked up considerably in the second half of the year, fuelled by decades of strong upward growth.
The figures we are seeing across Cork indicate some of the highest increases since 2006. Prices across Ireland grew by 7.4% overall, demonstrating that demand in Cork is even higher! In County Cork, the average price for a house is some €235,973- a whopping 64.83% increase on the lowest prices on record which were observed in 2013.
In Cork City, prices are higher yet again at €296,017, an 80% increase from the 2012 dip.
According to research from DAFT.ie, the number of new properties on the market has not increased above 20,000 since the beginning of the pandemic and reached just over 15,000 in December.
So what about buyers and sellers? How can they make the best of this situation and when is the best time for them to make a move?
If you are looking to buy in Cork, you need to move fast. Prices are expected to continue rising as demand increases. A relaxation of COVID-19 measures in the coming months could lead to further demand as people want to make a move while things are better.
If you haven’t started looking yet, it’s advisable to get your finances in order and start getting some mortgage advice from trusted partners like Trussle. You can search for deals from leading mortgage providers, based on your budget, deposit, and the terms you prefer. Using tools like this before househunting can help you get a realistic grip on what you can afford to spend. This service can also help existing homeowners if they are wanting to take this opportunity to remortgage their properties too.
It’s a seller’s market right now. If you’ve been umming and aahing about selling up, now is the time. With prices rising and demand at an all-time high, it’s the optimum moment to get your house in order and on the market. Selling now guarantees you a profit and a quick sale. We don’t know what the coming years hold in terms of price fluctuations so selling now could be a smart move.
The average selling time which was previously at seven months has also fallen meaning stress levels are at an all-time low during this complex process.
A growing number of international buyers and first-time property purchasers are driving forward the Irish, and Cork County property market. If you are looking to buy, or sell, there has never been a smarter time. Known for its stunning coastline and scenery, mountains, and fascinating history, it’s not hard to understand why property in Cork is so in demand.