Tramore buyers frustrated at lack of choice

The Tramore property market continued to grow in 2015 with the number of houses sold in the first seven months of the year up 25% on the corresponding period in 2014. More significantly, the total value of property sold in the Tramore area in the seven months to the 31^st July 2015, excluding holiday homes, is up 55% on the same period in 2014. This reflects the continued steady growth in prices but more significantly, an increase in the number of houses in the higher end of the market that are now being sold.

Whilst this is good news for anybody thinking of selling, buyers are getting increasingly frustrated at the lack of supply and choice available to them. Unfortunately it doesn’t appear that this situation will change in the short to medium term. Many current home owners who want or need to move because they have outgrown their house are either unable to sell because of negative equity or they don’t have the 20% deposit required to buy a new home. Adding to the problem is the high cost involved in building new estates which is preventing developers from providing new builds. Those that are benefiting from this situation are smaller builders and trades people as homeowners look to build extensions and make home improvements as they prepare to stay in their house longer than they might have originally envisaged.

 

Barry Herterich BA MIPAV REV