herald

Saturday 16 December 2017

No shortage of house hunters as prices soar

THE northside suburb of Finglas is attracting more home buyers than any other area in the capital as house prices continue to soar.

Houses are being snapped up in Finglas at almost twice the rate that they were selling at four years ago.

In the first half of this year 111 houses were sold in the area, outstripping its nearest competitor Swords by 18 sales.

Semi-D

A three-bed semi detached home in Finglas will set potential buyers back around €200,000 - which is half of what buyers are likely to fork out in the likes of Malahide.

Marie Barrett and Paul Larkin are in the market for their first home together and are focusing on Finglas because it is within their reach despite Dublin house prices jumping 25pc since last year.

"I've lived in Cabra until now but the prices there have just rocketed out of my range lately," Marie told the Herald. "I'd be happy to settle here in Finglas".

Proving that it's all about location, location, location, the pair want to stay north of the Liffey and Finglas is the perfect solution to their housing checklist. They want to find a home that they can stay in for the long haul.

"The idea that you buy your first property just to get a foot on the ladder has totally gone bust now as far as I can see," Marie noted.

Meanwhile, as the couple attend viewings in the popular spot, Dublin house prices are jumping by around €220 every day, according to report by estate agent DNG.

House prices in Dublin are now rising at more than seven times the rate of the rest of the country. The latest figures are causing fears that the Dublin market is set to relive its dangerous history with a new property bubble forming.

Taoiseach Enda Kenny yesterday dismissed fears that was the city was entering a property bubble despite the largest pricing hike on record.

Demand

He admitted however that prices would continue to rise for the next two years because of a supply and demand mismatch in the capital.

In response, the Government will focus on house building in the city, according to the Taoiseach.

"For Government, we are anxious that in this city, in particular, where there is a real pressure, that the focus and the stimulus of Government be to start getting things done. At the end of the day we have to build more houses," he said.

Mr Kenny said it would take up to two years for the policies to result in supply meeting demand.

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