New survey provides further evidence for landlord exodus in Waterford
Sixty percent of sales in the county, and 25% in Waterford city, were attributed to landlords leaving the market
Dungrvan estate agent Eamonn Spratt has said new REA survey results are further evidence of small landlords leaving the rental market.
Mr Spratt was commenting on the results of the latest REA National Survey, which shows that the average price of a second-hand three-bed semi in county Waterford has risen by 2.5% to €302,500 this quarter.
In Waterford city, prices over the past three months have increased by 1.4pc to an average of €350,000, the Q1 REA Average House Price Index shows.
The average time taken to reach sale agreed this quarter was five weeks in the city and ten across the county.
The survey also showed that 75% of purchasers in the city and 60pc across the county were first-time buyers.
Sixty percent of sales in the county, and 25% in Waterford city, were attributed to landlords leaving the market.
“Further evidence is emerging of a high volume of small landlords exiting the rental market,” said Mr Spratt.
Additionally, the survey found A-rated BER properties are commanding 15% price increases in the city and 25% across the county in comparison to C-rated properties.
The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.5% in the past three months to €364,747.
This represents a 7.67% annual rise – slowing gradually from the 9% increase registered six months ago.
Agents are reporting that there is a renewed focus on heating costs, with the A-rated v C-rated BER price premium rising to 13%, up from 10% at the end of December.
