Property watchers typically see Kildare in two parts, with demand greater for busy commuter towns such as Maynooth, Celbridge and Naas than for quieter, more rural towns further south such as Newbridge, Athy and Castledermot.
This year, however, a second division has emerged, with demand stronger for properties at the lower end of the market but sluggish higher up.
“The lower end of the market is buzzing,” says Eamon O’Flaherty of Property Partners Brady in Maynooth. “Unfortunately, there’s very little stock at that end and multiple bidders for each one.”
This has pushed prices up for starter homes by about 10 per cent over last year, including for apartments. “You can now expect to pay €200,000-plus for a second-hand two-bed apartment in the north of the county,” he says.
Between €350,000 and €600,000, however, the market is softer. “People are very cautious,” O’Flaherty adds. “We’ve about 50 properties on our books right now which is high for us, and it’s the mid-level ones that are struggling to move. Prices in this range have actually fallen back by about 5 per cent.”
It’s a case of a flabby middle, however, because further up the value chain again, especially for the equestrian properties for which Kildare is renowned, the market is firmer. “Stud farms are selling well, often to people coming back from abroad with their money made,” he says.
If there is another division in Kildare’s property market, it is that demand for urban or suburban living outstrips that for more rural settings.
"We're seeing particular demand for the good estates around Maynooth, Celbridge and Leixlip, " says Philip Byrne of REA Coonan.
“There are plenty of buyers – loan approved – for properties in the €350,000 to €450,000 price range. Many are cash buyers insofar as they have sold their own house first or are getting a helping hand from family members. One way or another, they’re learning to play by the new 20 per cent mortgage deposit rules.”
For one-off houses in the countryside, by contrast, things aren’t so buoyant. “Most buyers we see seem to want to live in an estate. Demand is particularly sluggish as a result for the standard country bungalow on half an acre. In fact, a country property with more land will do better than one with less. We recently sold one in Castlewarden, for example, on 9½ acres, for €725,000.”
He attributes this to Kildare’s perennial appeal for equestrian types.
Despite this, agricultural sales in the county are only starting to pick up now. “The market had a slow start this year because of the weather,” says Paddy Jordan of Jordan Town & Country Estate agents in Newbridge, which currently has about 600 acres of Kildare land on its books “in all shapes and sizes”.
“Spring was very late and very cold with the result that a lot of farm sales were delayed. We have a lot coming on to the market now.”
Agricultural land prices are averaging €10,000 and €12,000 an acre, similar to last year. Higher prices are achievable where neighbouring farmers are keen to expand their holdings. The past 12 months has also seen the return of the hobby farmer, a breed not much in evidence since before the recession.
Among the biggest challenges facing land sales now, however, is banks, but not in the way you might think. “They are approving loans. It’s drawing them down that is proving difficult,” says Jordan.
Having been stung by one or two rogue solicitors during the property crash, banks now appoint their own solicitors for property deals, he says. “The result is that we now have three-way closings, with the vendor, the purchaser and the bank all having their own solicitor.
“The bank solicitor won’t sign off until everything is squeaky clean – every right of way and planning issue nailed down, Jordan adds.
“This has pushed the sales process from two or three months up to six or seven months. It’s a concern because in an auction scenario, you can’t afford to delay.”
