Has the Bubble Burst on One Off Rural House Sales?
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Interesting development here in the West of Ireland. I was talking to a builder in Louisburg who told me that the demand for rural houses in Mayo has all but dried up in the last couple of months. Some recent rural houses which were built to be sold at E250,000 and now going for E160,000 just to get rid of them and this is in an area were there is a traditional demand for Bunglow Blight. By the same token, he reckons that demand for houses in larger towns in Mayo such as Westport and Castlebar is “where they are now buyin” to use his terminology.
If so, this could be good news and it makes one wonder why there is a suddenly a collaspe in demand for One Off Rural housing in Mayo and is it being echoed in other regions?
I reckon it might just be over-supply (let’s be honest, these houses are everywehere now), but a part of me is hoping that Irish people are finally wising up and seeing the fruad of the rural idyll for the financial millstone and social abandonment it is, especially for families with young children.
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Not sure if the bubble has burst, but something is happening all right.
In East Cork for example I know of a few houses that are now renting for much less than previously, and people having difficulty selling, all one off houses, while prices for houses in villages (new build and existing) are still rising. Cork CoCo plans for the ‘denseification’ of villages have really delivered though, with new services appearing on an ongoing basis.
A lot of the new market entrants (for both rental and purchase) are immigrants also, people who don’t want to live in the middle of nowhere. Thats another driver.
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The market for one-offs has traditionally been for sites with outline permission with the purchasers designing the detailing themselves such as window elevations, roof lines and exterior finishes as well as the proportion between bedroom and recreation room proportions; one offs have never done done well as an investment as in all but the rarerest of cases the subsequent purchasers seek deep discounts to reflect the personal taste of the initial builder
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@Aidan wrote:
A lot of the new market entrants (for both rental and purchase) are immigrants also, people who don’t want to live in the middle of nowhere. Thats another driver.
and they do not have that Irish phobia when it comes to living in an apartment either.
There is an apartment building boom in many towns in the West of Ireland and its aimed at rentals to immigrants and it is great to see. More population in provincial towns means more services and infrastructure and it makes living in isolation and abandonment in the sticks, playing Russian Roulette with drunk drivers everytime you leave the house less and less appealing.
Irish country towns are the biggest losers in the race to fill the countryside with bungalow blight and what is really bizzare is that many of the UDCs are some of the biggest supporters of one-off housing and then demand to know when the town is getting their gas feed, rail corridor, motorway, general hospital, college etc…
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