Lack of new builds across Meath

The fact that Meath’s biggest town, Navan, was not afflicted with ghost estates was a boon to the town’s auctioneers during the downturn. Now however, with negative equity impeding house sales and little in the way of new housing developments in the pipeline, they could do probably do with a few.

“We were fortunate in that our waste and sewage was all being upgraded just as the market was turning, so there were no ghost estates. But if a builder came in here now to build houses, those houses would sell,” says Eamon Gavigan of DNG Royal County in Navan.

In the current climate, that’s unlikely to materialise. “Unfortunately, and despite the price rises, builders still couldn’t build them for less than they would get for them. The margins are still too thin to make it worth their while. It’s a shame, because there are buyers out there and the banks are beginning to loosen their purse strings in terms of mortgage lending.”

The lack of new builds is pushing up the price of second hand properties, said Rosemary McKeown of Raymond Potterton in Navan.

“The remarkable increase we’ve seen even in the past six months is down to the shortage of homes to come on the market. We are very reliant on the second-hand market.

“We could do with new builds, particularly for first time buyers looking for three- and four-bedroom houses.”

Bouyant market
Her view that the market is buoyant is backed up by Eamon O'Flaherty of Property Partners Brady, which is based in Maynooth but sells in Meath towns such as Dunboyne, Summerhill and Enfield, where, he estimates, both sales values and transaction volumes are up by as much as 20 per cent.

“Enquiry levels are going through the roof and any property we look at is going live very quickly now, with sales times coming back from months to weeks. What’s more, we’re not seeing commuters who moved in to these areas during the boom leaving,” says Brady.

There is some light on the horizon for potential purchasers.

This September, Dermot Grimes of REA Grimes in Ashbourne will be handling the launch of a new development there, Archerstown Demesne. It will be a mix of three- and four-bedroom semi-detached units, to be followed at a later stage by detached houses, to a total of around 150 units.

Prices have not yet been set, says Grimes, who nevertheless expects strong demand from first time buyers for them. “These will be A3 rated houses, with good-sized square footages, traditionally built and with driveways; perfect for young families and for those who were priced out of the local market and who now want to get back closer to Dublin,” says Grimes.