Confidence is growing in Letterkenny’s housing market as the upward trend in Ireland’s economic growth is forecasted to continue.
Letterkenny home owners, who may have been waiting for the right time to sell for a considerable period, are now taking the first steps towards making a long awaited move by opting to have their properties valued.
At Sherry FitzGerald Rainey we have experienced a significant increase in the uptake of our free home appraisal service. It appears that more and more people are finding the confidence to consider their options by having their Donegal property valued by our experts.
Increased movement in this area is a very good indication that confidence is growing locally and reflecting the national trend.
Ireland was the top performer economically in the European Union for the third year in a row in 2016, with gross domestic product growing by 5.2%. The forecast for GDP growth for 2017 has this week been revised upwards by the Department of Finance to 4.3% GDP (initially 3.5% last October in the face of Brexit).
This can only be a good thing for the entire country and Letterkenny, as Donegal’s thriving economic hub, is no exception. It seems that even despite the many unknowns of Brexit, there is a renewed confidence locally.
And that confidence is expected to be reflected in the market.
Homeowners taking the next step could have the side-effect of helping to relieve some of the pressure resulting from lack of housing stock in Letterkenny. Housing supply will increase as property becomes available from vendors in a position to move up the property ladder by building a new home.
The recent unavailability of housing for sale in Letterkenny – particularly three-bed semi-detached homes – has caused a problem for the market but increasing values should see more vendors willing to sell.
And as homeowners itching to ‘move up’ discover their home’s value is more than they had expected, there may well be an increase in properties to the Letterkenny market – especially much needed three-bedroom semis.
The increased availability of mortgages in Ireland, following several years of almost complete inactivity, will also be a major boost. We’re already seeing positive effects of increased lending locally.
According to the most recent figures from the Banking and Payments Federation (BPFI), mortgage approvals rose by a staggering 42 per cent nationally in the year to February 2017. Mortgage approvals soared to 2,840 in February, up from 1,996 in February 2016. There were 3,055 approvals in January.
The value of the mortgages approved was up by 54 per cent, suggesting that buyers are seeking to borrow more, The value of the mortgages approved in February was €585m, up from €379m last year.
You can book a free appraisal by filling in your details on the Sherry FitzGerald Rainey website – http://www.sherryfitz.ie/book-a-free-appraisal – or if you wish to speak to a member of our team call 074 91 22211 or email firstname.lastname@example.org