In 2014, Wexford witnessed a 45 per cent increase on transactions compared to 2013. Sales amounted to €180 million, placing Wexford as the 10th most expensive county in Ireland in which to purchase property.
The first quarter of 2015 has seen an 8 per cent rise on 2014, and agents' sentiments reflect these figures. "It has been the best first quarter since 2006, and anything up to €150,000 is selling well," says Gary Quinn of DNG.
"While the upper end has seen some movement, it hasn't yet taken off, but thankfully it is busier than in 2012 and 2013 – when our phones didn't ring," says John Corish of REA McCormack Corish..
"The end of 2014 saw a spurt of sales to cash buyers, due to the end of capital gains allowances, and there is an improvement in market confidence," says to John Kearney of Kearney & Co.
With regard to new developments, prices are still too tight for builders in some areas. “The first signs of new builds are starting within the four-bedroom detached sector, but prices need to rise by another 10 per cent in the three-bedroom semi- market,” says Gary Quinn.
However in Gorey, the A-rated Meadowgate development of 43 units is selling well, with three-bedroom semi-detached units achieving €190,000. "It's the first start back after the recession – showing there is now some viability for builders," says Jim Kinsella of Sherry FitzGerald Kinsella.
In New Ross, where three-bed semis are selling for in the region of €115,000, Ann Carton of PN O'Gorman agrees that the build to sales price gap is still too narrow, "but the benefit of this is New Ross has no ghost estates," according to Carton.
Annual dereliction levies of 3 per cent have been applied to ghost estates throughout the county in an effort to encourage developers to complete unfinished sites.
Within the apartment sector, "there is great value and one can pick up good apartments in Wexford town for between €70,000 and €100,000. We are seeing many buyers from the UK, and domestic cash buyers signing quick deals," according to Adrian Haythornthwaite of Sherry FitzGerald.
In New Ross, two-bedroom apartments start at €35,000, and €57,000 will buy an 850sq ft apartment with river views in Dunbrody Wharf, through PN O’Gorman.
The strength of sterling is attracting UK buyers. “We have seen an influx of sterling buyers in the €200,000-€300,000 bracket,” says Michael O’Leary of Sherry FitzGerald in Enniscorthy.
Looking at property prices online, in some cases one would think that there is a zero missing from listed prices compared to Dublin and Wicklow. Period terrace houses, needing renovation, are asking between €35,000 and €90,000. An example of this is 37 Barrack Street in Wexford town, which is leased, generating close to €6,000 per annum, and is asking €49,500 through Sherry FitzGerald Haythornthwaite..
It is no wonder that cash buyers, earning so little on deposit, are seizing deals and getting a good return on their investment, and in turn the market in Wexford is witnessing a clear signs of recovery.
