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Provide a brief outline of the general residential property market in Ireland from the early 1990's, with a focussed view of the property market in Dungarvan, County Waterford.

Extracts from this document...

Introduction

1.0 Introduction The Irish Property Market has seen and experienced considerable change over the past two decades. This report seeks to provide a brief outline of the general residential property market in Ireland from the early 1990's, with a focussed view of the property market in Dungarvan, County Waterford, obtained through personal familiarisation with the town and the estate agents who operate in it. Some of the determinants affecting the supply and demand factors of property in the area, are also highlighted. 2.0 Overview of the Property Market in General The 1990's saw a change in economic circumstances in Ireland, and in 1994 the property market showed a distinctive and radically changed upsurge, with the consolidation and continued growth of this trend in 1995. This trend was further strengthened and fuelled by strong growth in the Irish economy and stable economic policies, low interest rates, low inflation, and a good performance in the national jobs front. (www.irish-and-european.ie/news). However, house prices continued to spiral upwards, and 1997 and 1998 saw record prices and an unprecedented demand for housing. This growth in house prices and house price inflation, is well illustrated in the tables below, and further in Appendix A. Source: The Irish Property Review, p.4 & 5 In 1998 the government, in an attempt to address the problem of the escalating house prices, appointed an economist, Peter Bacon, to investigate the housing market (www.irish-and-european.ie/news). The resultant report was the first of three reports (published 1998, 1999 and 2000) ...read more.

Middle

which are outside and adjacent to the existing UDC boundary, to cater for the current and future anticipated housing demand to 2015 . The additional land comprises a total of approximately 71.27Ha (176.25acres) and extends lands identified for future housing provision in the DDP, and identifies new areas to the west of the town (eg Knockbrak) for both future residential and industrial development. All the lands identified and rezoned may be easily accessed and serviced. In addition, the public consultation phase of a planned future Dungarvan By-pass Road, and an amended submission for the 'Glanbia Site' shopping development proposal to extend the town centre shopping area, have been recent initiatives. 4.0 Discernible trends and Developments in the market In parallel with Waterford City, the "lack of supply of new housing stock has impacted on the price of (new and) second-hand houses" (Business Post: 1/12/2002) in Dungarvan. "Since the beginning of 2002, the price of second-hand suburban houses has risen by 14% to 21%. New homes have also increased in value by an average of 16%. The current entry level for a new or second-hand 3-bed home in the city ranges from �159 000 to �208 000. The average price of a four-bed house in a good location is �300000. Very few houses in Waterford are priced over �450 000, either in the new of second-hand market. The Prices of houses are significantly lower than in other cities" (ibid). 4.1 4-Bed Semi-detached houses Whilst the range of houses varies considerably within the town, depending on the location, age, features and general condition of ...read more.

Conclusion

It is maintained that a greater sense of responsibility and accountability is required by all parties levelling this form of criticism, and more of a partnership approach to development proposals should be adopted. It is suggested that many of these delays, refusals and 'hiccups' would be prevented by developers and architects 'doing their' homework properly - ie engaging in active and proactive pre-planning discussions and meetings before submission. Thus ensuring that the Local Authority and planners are familiar with the proposal and that all issues etc. have been addressed prior to submission. The application may also therefore be more speedily assessed. 5.0 Conclusion Some of the main factors driving housing demand comprise: 1) Confidence (ie. expectations with respect to house price movements and mortgage rate changes; job security; attitude with respect to house purchase being an investment etc.); 2) Affordability; 3) Urgency to buy; 4) Housing Supply (ibid) It is felt that whilst 2002 has continued to experience a 'buoyant' property market, each of the above has been negatively affected over the past year by world and national events, and more recently economic realities and government budget measures. It is considered that the effects of these will become slightly more apparent in 2003 with a slowing down of house purchases, although the fact that the population of the town and country is expected to continue to increase at increasing rates, the demand for houses will continue, possibly meaning little change to current prices. "The pace of inflation is easing gradually as we progress through the year and will continue into the fourth quarter with much lower levels of inflation anticipated for 2003" (Finnegan, SFG; 2/10/02). ...read more.

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