Meath grows in appeal for buyers priced out of the capital
Number of properties for sale in Meath on MyHome.ie up 23 per cent on a year ago
The heritage town of Trim, Co Meath. Average prices for residential property in the county have risen by about €15,000 in the past year.
County Meath has landed estates costing millions, some very affordable Georgian country houses, cute cut-stone cottages in splendid isolation and townhouses in its main centres that offer real value to those who neither want nor need to be Dublin-based.
It is the latter that John Harrington of agent Harrington Smith says represents an affordable way to buy into established areas in Navan all within walking distance of the centre. Number 11 Railway Street, a four-bed, mid-terrace cottage seeking €185,000 is one example, while 3 St Finian’s Terrace, a three-bed terraced house, next door to the childhood home of local hero, former 007 Pierce Brosnan, is seeking €150,000. With F-ratings however, both homes need building work, so while people may be able to buy them they may not be able to afford to do them up, says selling agent Ed Reilly of Sherry FitzGerald Reilly. Those with less of an appetite for such refurbishments can buy a good second-hand three-bed semi for between €250,000 and €280,000, while a four-bed would range between €280,000 and €300,000, says Harrington.
Navan has frequent express bus services to Dublin with routes operating every 10 minutes at peak times, but it doesn’t have a train service, an issue that residents are bringing up on the eve of the local elections, says councillor Tommy Reilly.
Navan is popular with commuters priced out of Co Dublin, and Dublin buyers now account for about 40 per cent of the Meath market, says Joe Monaghan of REA T&J Gavigan. In the last 12 months the price of a one-bed apartment there has jumped 20 per cent, from €90,000 to €110,000, according to Joe Monaghan of REA T&J Gavigan. In contrast the value of large detached homes of 2000sq ft plus rose by just 1 per cent.
The number of properties currently for sale in Meath on MyHome.ie is up 23 per cent on this time last year, while average prices have risen by about €15,000, according to the latest MyHome.ie property report in association with Davy. The royal county also saw an increase of 9.8 per cent in sales last year, with values rising by almost 18 per cent from €580 million to €684 million.
The report shows the median asking price for a property in the county now stands at €255,000, up 6.3 per cent from this time last year when prices stood at €240,000. Property prices are still shy of the median highs of €265,000 at the end of 2010, but in the last 12 months the price of a three-bed semi has increased 6.8 per cent to €235,000.
The asking price for a four-bed semi in the same period is up 1.9 per cent on this time last year at €265,000.
For those dreaming of a doer-upper there are abandoned cottages that could be returned to former glory. A property at Leitrim Upper in Moynalty, which is on the market through Fintan Cahill Estate Agents for €50,000, is seeking less than many sites in the county.
Laytown and Bettystown, the coastal parts of Meath, have both train connectivity and seaside charm. In Ashbourne values have reached equilibrium in both the second-hand and new homes market, says Paul Grimes of REA Grimes.
Many househunters who select Trim first visited the heritage town for a wedding or to see the castle, says Celene Heffernan of SherryFitzgerald Royal.
The most expensive property currently for sale is Corbalton Hall in Cookstown, Tara. Owned by tech millionaire Pat McDonagh it is due to go to auction on June 6th with an advised minimum value (AMV) of €11 million through Coonan and Goffs Property. The new-homes stock is building well in the county too, where levels are similar to those of neighbouring county Kildare.
Certainly there is a sense of an increased supply of homes to buy in Meath, which is mainly accounted for by the larger volumes of new homes coming to the market. With this brings much better choice for purchasers, says Rosemary McKeown, at Raymond Potterton.