Business
Asking prices for 3-bed semis in Galway are up almost 25%
The average asking price of a three-bed semi-detached house in Galway has increased by almost one-quarter since the beginning of the year.
At the moment, the average asking price stands at €220,000 – that’s an increase of more than 22% since the beginning of the year, and 10% over the past three months alone.
According to the Real Estate Alliance ‘Average House Index’ has found, there is strong interest in good quality homes – mostly from cash buyers – but mortgage-buyers are on the increase.
The Real Estate Alliance Average house index concentrates on Ireland’s typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.
The average price of a three-bed semi is now €179,981 nationally including Dublin, an increase of €26,925 (17.6%) on the December 2013 of €153,056.
Philip Farrell, Chief Executive of REA said: “Prices are continuing to rise apace in Dublin, but our agents are reporting that the panic buying seems have gone out of the market, with less people at viewings and houses taking a week longer on average to sell.
“The three-tier market that REA surveys have identified is still continuing, with the commuter areas outside Dublin, and larger urban areas such as Galway and Cork growing at twice the rate in the first nine months (21.9%) than the rest of the country at 11.5%,” said Mr Farrell.
According to the survey, there has been a sharp rise in the amount of private homes for sale nationally, with the percentage of distressed properties on the market dropping for the first time in the life of the survey.
There is evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in December 2013 to 50% in September 2014.
“We are also seeing investors being influenced by the end of December deadline for obtaining Capital Gains Tax relief over the next seven years.
“We also feel that the recent proposals on mortgage finance announced by the Central Bank could have a direct impact on the market from January 2015,” said Mr Farrell.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
The shortage of affordable housing is the single biggest impediment in attracting and retaining workers in the West, according to business group Ibec.
At a ‘Regional Insights Series’ meeting in the Galmont Hotel in Galway last week, employers were told that capacity constraints and labour supply are the key challenges facing business growth in the region.
Ibec Head of Regional Policy Helen Leahy said: “There must be greater focus by government on enhancing quality of life issues such as housing and infrastructure which are driving labour shortages in the region.
“Ibec’s vision for the West is to realise its potential to become a globally competitive location. An inadequate supply of affordable housing is now the single largest impediment to attracting and retaining talented workers, without whom business investment and expansions are not possible.
“Labour shortages are a real concern for businesses in the region. People decide where to live and work based on quality of life and access to high quality services and amenities. Industry tends to follow talent, and in this regard, the region needs to have all the building blocks in place as the attraction and retention of world-class talent becomes increasingly competitive on a global level,” said Ms Leahy.
Amongst Ibec’s priorities for the West are:
- Addressing housing and infrastructure challenges
- Transitioning towards a new growth model with Net Zero energy powered by Atlantic offshore wind resources
- Adapting businesses to the new economic realities
- Enhancing capacity and skillsets to achieve sustainable development objectives
- Investment in people and skills
- Creating competitive advantage through digitalisation
- Innovation as a key driver of productivity growth
One in five Galway businesses want to go fully cashless, as the move towards card payments and tapping continues unabated post-Covid.
In all, 22% of Galway businesses would like to be fully cashless, according to a survey carried out by BOI Payment Acceptance (BOIPA), a provider of payment technology solutions, which asked Irish businesses about the current payment landscape as well as business confidence and concerns.
Over one-third (36%) of Galway businesses were unaware there is no contactless limit on mobile wallets – just below the national average – while 54% believe the increase in card over cash transactions has helped them run their business.
Six out of ten Galway businesses expect to grow this year despite the cost-of-living crisis and running costs dominating as key concerns; 62% believe their business will grow over the next twelve months despite global economic uncertainty.
Unsurprisingly cost-of-living increases and running costs were the main concerns the majority of businesses had.
For more, read this week’s Connacht Tribune.
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