Wexford has seen its property prices fluctuate recently, but what does the future hold? Joanne Geary, CEO of MyHome.ie, has shed light on the current trends and challenges in the Wexford property market. It comes as Myhome.ie release their latest report.
Although the overall trend for Wexford property prices has been upward, there was a slight decrease of €4,000 in the last quarter of 2024. Ms. Geary explains that this is a seasonal adjustment rather than a sign of falling prices. “In the previous quarter, prices surged by €14,000,” she says, emphasizing that this dip is part of the usual market cycle. The median asking price for a property in Wexford now stands at €285,000, with an annual increase of €15,000 compared to the same time last year.
One of the most pressing issues facing Wexford’s property market is a significant drop in the number of homes for sale. Joanne Geary notes a 40% decrease in properties available, a trend seen across the country. “A decrease of 14% in supply is concerning,” she says. “If this issue isn’t addressed, we could see further upward pressure on prices.” She is calling for increased housing completions, citing that the government’s target of 50,000 housing units per year is still far from being met. In 2024, the forecast is 33,000 completions, with projections rising to 42,000 in 2025 and 45,000 in 2026.
First-Time Buyers
While interest rates may be falling, making mortgage repayments more affordable, first-time buyers in Wexford are still facing a competitive market. “First-time buyers are taking on more debt, with many now borrowing up to four times their income,” This has led to more competition for available properties, pushing prices up. Ms Geary also points out that with fewer properties available, demand continues to exceed supply, contributing to price increases. However, with interest rates expected to fall further, more people will likely enter the market, intensifying the competition.
Ms. Geary anticipates that property prices in Wexford will continue to rise in 2025, albeit at a more moderate pace. While some forecasts suggest a 10% increase, MyHome.ie predict a more conservative rise of 4-5%. However, several factors, including the global economy, interest rates, and even potential international policies, could influence these outcomes. “Demand is continuing at a pace, and supply isn’t increasing fast enough to meet that demand,”
Wexford is experiencing the same challenges as other counties, with a high demand for properties and a shortage of supply. While the county has seen some positive signs of new home starts, particularly due to its growing status as a commuter belt for Dublin, more needs to be done to address the supply issue. “Your average time to sell a property in Wexford is about three months, which reflects a very active market,” said Ms Geary.
Is There Hope for Affordability?
As for improving affordability, Joanne Geary believes that while interest rates are likely to decrease, making mortgages more affordable, the lack of available stock could keep prices rising. However, government initiatives like the Help to Buy and First Home schemes are providing some relief for first-time buyers. “If you can find the right property and take advantage of these schemes, now could be a good time to get onto the property ladder,” she concludes.
In summary, while Wexford’s property market faces challenges, such as limited supply and increasing competition, it is still an active and competitive market. Buyers, particularly first-time buyers, need to be prepared for rising prices but can benefit from government support and falling interest rates. The outlook for 2025 indicates more price increases, but the situation remains fluid and will depend on a variety of economic and political factors.
