A perfect storm created by lockdowns, supply-chain disruption and Britain formally departing the EU saw the costs of building materials rise, with steel up 23 per cent alone in 2021. And 2022 does not look any brighter in terms of costs levelling off.
A recent survey by the Construction Industry Federation found that 94 per cent of construction companies in Ireland foresee a further significant rise in raw materials following the spike last year as economies opened their doors after many lockdowns.
The effect this has on the residential market supply – which is still at a low ebb – means that homes that do not require renovation are proving most popular with buyers, due to uncertainties attributed to elevating building costs.
Number 14 Hyde Park proved popular when it last sold, in 2017 – for €1.435m, according to the Property Price Register. Today, the fact that the house is ready for new owners to just unpack their bags will be the real selling point of the 262sq m (2,820sq ft) property located in a quiet cul-de-sac off Mount Merrion Avenue in Blackrock.
Uncertainty and time also play a part.
"Buyers are really prepared to pay a premium to avoid 18 months – between finding an architect, planning and building – and the opportunity to find a detached five-bedroom home in walk in condition in Blackrock" according to Stephen Day, who is handling the sale of Number 14.
“In my opinion, it is the worst time in over a decade to take on a building project,” he added.
There’s oodles of space, especially in the kitchen-cum-dining area, set in a glazed extension to the rear. Added to this is a very large living room, measuring almost 40sq m, though that’s hard to appreciate as it is unfurnished.
The detached double-fronted property sits on a corner site so has a side and rear (west facing) garden. The rear garden looks a bit sadder than when it last came on the market – though when it last appeared it was late summer, so there was still lots of colour about. That said, it could do with a few bags of lawn seed and feed to bring it back to its verdant former self, and remain a lovely place for entertaining off the glazed kitchen.
The property has five bedrooms, the principal of which is triple aspect with high-quality built-in units and a generous en suite. A Ber of B2 is indicative of renovations undertaken in this fine suburban home, which is now on the market through Lisney seeking €1.65m.