The demand from first time buyers for three- and four-bed houses may soon outstrip supply in Meath as people opt for value and the attractions of living in a town or village, not far from Dublin, writes SANDRA O'CONNELL

MEATH MAY be the Royal County but if it weren’t, it could call itself the Heritage County and no one could object.

So rich is its stock of ancient artefacts and historic sites, from the Hill of Tara to Newgrange, Nowth and Dowth, and Trim Castle, that there can’t be a child in the country that hasn’t been on a school trip here, and that’s before anyone ever heard of Tayto Park.

As a day trip destination therefore, its appeal is evident. But what does it offer as a place to live? Value and lifestyle, it seems.

“Yes prices are down in Dublin too, but city commuters still find that for the price of a standard house in Dublin they will get a prestige house down here, with grounds for the kids to play in, beautiful countryside and country schools, just 35 minutes from Dublin,” says Rosemary McKeown of auctioneers Raymond Potterton in Navan.

That commute isn’t nearly the headache it was in the bubble years either. Not only has the M3 cut travel time in half but traffic levels have fallen too.

The lion’s share of McKeown’s sales are to first time buyers, however investors are also starting to make a reappearance.

“We are seeing a number of cash buyers coming in to buy apartments now. With prices having fallen by up to 75 per cent, there’s good value for money.”

The canny few who sold at the peak and have been renting ever since are also buying. “What we are seeing now is that people are buying for the long term, not with a view to short term gains as was previously the case,” she says.

“People looking for a family home, if they find something they like they will act now. That sense of waiting until the market falls further has stopped.”

There is a problem, however. “Choice is not fantastic at the moment. There is not a huge supply on the market,” she admits.

Frank Harrington of Smith Harrington Auctioneers in Navan has seen a rise in viewings.

“We are seeing a good bit of demand for three- and four-bed semis from first time buyers, but have also noticed a pick-up in sales of two bedroom apartments from investors, as yields are pretty good.”

Buyers can find two bedroom apartments in the town from €60,000.

Retail units are also being let.

“People see it as a good time to start a business because not alone are property costs low – rents here have fallen 60–80 per cent – but wages are lower and it’s easier to get staff. There are also flexible lease terms,” says Harrington.

Navan’s retailers suffer from proximity to Blanchardstown however.

“Part of our retail strategy is to market Navan by working together the way shopping centres do. There is a good retail offering here, what we need is to encourage people, especially from outlying areas, to shop local.”

While proximity to Dublin is a traditional selling point for Meath towns, the fact that they are not actually in Dublin is perhaps their biggest appeal.

“A place like Dunshaughlin still has a village feel. It didn’t grow too big during the boom,” says Pádraig Sherry, of Sherry Fitzgerald Sherry in Dunshaughlin.

“Most of the people who move here were reared in a village down the country, went to Dublin to work and now want to get back to a village environment.”

A three bedroom house here can be had for around €150,000, and a four bedroom from €220,000. He too identifies a growing scarcity of housing. He points to the Crannog development in Dunshaughlin by way of example, a scheme of 50 houses launched in 2007 whose prices were reduced last year. Sales have been tipping away quietly ever since.

A four bedroom, three bathroom detached property of 150 m sq (1600 sq ft) currently costs €285,000 and Sherry has sold nine in the last four months, with only three remaining

“I predict there is going to be a shortage of new family homes within commuting distance of Dublin in the next 12 to 18 months, due to a lack of builder confidence – builders cannot make a profit at current levels – and lack of funding. People are going to have fewer choices as a result.”

The county’s stock of rented houses has also fallen. “We have noticed a substantial drop in the supply of rented houses as banks have put pressure on investors to sell. That has taken those houses, which are now owner occupied, out of the herd. Right now, we get an average of 8.5 interested people for every house we put up for rent,” says Sherry.

For Michael Gavigan, of TF Gavigan Auctioneers, those who moved to Meath during the boom often did so primarily for the house, not for the county.

“In the heyday of the boom, people would say to us that they saw an ad in the paper, drove down with no intention of moving to a place like Kells, but fell in love with the house,” he says.

Love of the county, and the lifestyle it afforded them, followed, he reckons. “Meath has great golf, great fishing, sports facilities, and of course, community spirit. It’s all about the lifestyle.”