Job losses affect housing market in Co Wexford

 

Fifty-four million euro worth of unsold houses remain on the books of Wexford auctioneers as job losses hit the county.

The property market in the county has been severely dented as the result of job losses during last year, while the uncertain future of Wexford Electronix, where more than 300 jobs are at risk, has also affected the property market .

Co Wexford has been particularly badly hit with job losses in the past 12 months.

Should a buyer not be found for Wexford Electronix by the middle of next month, resulting in the lay-off of the workers, the county will have suffered up to 1,000 job losses in the year.

A Wexford auctioneer, Mr Adrian Haythornthwaite, said: "I don't believe you can lose that amount of money in wages without it hampering the housing market.

"I feel very sorry for the people who have lost, and may lose, their jobs.

"A lot of people will be worrying about whether they can pay their mortgages, and there will be fewer ready to commit investment money."

Mr Haythornthwaite said the local market had also been devastated by past changes aimed at keeping the lid on inflated prices in Dublin.

"The Bacon report killed it stone dead. It was like throwing water on it," he said, referring to the Government measures to dampen property price inflation brought in on the advice of the economist, Mr Peter Bacon.

Mr Haythornthwaite said that the measures had driven the smaller investment buyer from the market place and such investors had accounted for 70 per cent of house purchases in Wexford.