Mayo house prices in 2024: Bungalow owner bliss after a surge as prices up by 10pc

The curse of Mayo extends to its younger house hunters it seems, with prices sitting at 10pc higher than last year caused by a searing shortage of property for sale to boot. Smaller homes are up in the region of 7pc and 8pc but bungalows have surged by as much as 14pc. Higher interest rates mean local lenders are more reluctant to approve finance.

FTBs have been forced to play on the same pitch as downsizers, chasing the same bungalows, destined to lose out to the ready cash of the older buyer.

Some bungalows have been going on the market at say €315,000, according to local estate agent Patrick Durkan of Sherry FitzGerald Durkan, and selling as high as €355,000.

Three-bed semis in town are currently making €245,000, according to Durkan, who adds: “The last four-beds I sold were in the region of €358,000. Four-bed detached houses are getting as much as €425,000 now and first-time buyers are even paying as much as €360,000 at the higher end for three-bed terraces.

While they look around, first-timers find themselves squeezed by some of the fastest escalating rents in Ireland with 24pc year-on-year increases reported last summer. The average across the county is now well beyond the €1,222 per month reported at that point.

Four-bed semis with A-BER ratings in schemes such as Carrabeg have sold well to trader-uppers. Those who bought three-bed semis for cheap here during the crash are now in a position to upgrade and look for bigger homes with considerable equity in the bag. These now sell from around €365,000.

Schemes such as Fortview and Blackfort Manor in Castlebar offer similar energy-efficient homes for a similar price, but in general the supply of new homes is poor across Mayo with profitability and planning issues to the fore for developers. The county is planning to deliver 730 new builds by 2026, but new supply of private homes is suffering as a result of a big focus on the social and affordable sector.

“I know of four sites in Castlebar, for example, now stuck in planning that could be providing 350 to 400 units,” says Durkan.

Doing less well is the holiday home. A lot of the those in and around Louisburg, for example, are moving into full-time owner-occupier territory now.

“I think there is still a bit of ‘quieting’ in this market,” Durkan says. “But demand is still there and I keep meeting the same people who stop looking, then start again.” He says those who might sell are now afraid there may be nothing to buy. “If somehow that supply could free up, we would be in a better place.” Durkan is predicting 5pc growth in 2024.

Property Hotspot: Coastal Westport

Quality four and 5 bed detached in and around 7 and 800k are highly sought after at the minute.

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