Property market at highest level since bust
Prices continue to rise but Brexit fallout likely to stunt growth
By Caoimhinn Barr
Inishowen house prices have climbed to their highest level since the economic bust is a clear sign that the local market is continuing to recover.
The average price of a property sold here in the second quarter of 2016 was a robust €121,282, an increase of more than €13,000 [12.2 per cent] on the average sale value for the first quarter of this year.
More than €8.1 million was spent on 67 Inishowen properties from April through June – that’s up more than €1 million on the same period last year.
A small number of cut-price deals are still in evidence – notably €10,000 for a property in Gleneely and €21,000 for one in Malin but the trend remains upward – although a number of local experts fear that the uncertainty surrounding ‘Brexit’ could halt the progress.
Just over 61 per cent of properties sold went for €100,000 or more, with 41 out of the 67 total second quarter local sales at that mark or above.
By comparison, just 50 per cent of Inishowen property sales for the same period in 2015 were for €100,000 or more while in the final quarter of 2013 just 27 per cent of houses went for six-figure sums here.
There were eight properties sold for €200,000 or higher during April, May and June, including two in Buncrana and two in Muff, with prices climbing in both places, particularly the latter.
The highest single sale was €415,000 for a shorefront property in Moville on April 11 with the next highest, for €320,000 at Ardmore, Muff, the following month.
Almost one quarter of all sales from April through June took place in Buncrana, where 16 out of the 67 properties were bought, ranging from €41,000 at Red Row [Cockhill Road] to €247,500 for a house at Links View Park, Ludden overlooking the golf course.
The second highest number of sales took place in the border area of Muff, where seven houses sold for an average of almost €160,000 – currently the highest in Inishowen.
There were five sales in Greencastle – from €60,000 at St. Peter’s Park to almost three times that figure at Carrowtrasna [near Shroove] – with three sales each in Moville, Newtown and Bridgend.
To read more and find out how much properties sold for in your area, click here.
