Knowing Irish House Prices
Average house prices in Ireland have increased by almost 4%, according to the latest stats. Although that’s slower than it has been in previous years, the national average is now €263,000. Naturally, Dublin tops the bill with the average house costing buyers €388,000. At the other end of the spectrum, prospective homeowners in Leitrim are paying, on average, €137,058.
For those seeking lifestyle advice, looking through the latest housing data is certainly useful. Knowing that prices in Wicklow are almost €200,000 more than those in Roscommon can help guide your searches. However, for anyone that’s ever tried to buy property, you’ll understand that knowing important property information and actually acting on it at the right time are two different things.
You Don’t Need Knowledge; You Need The Right Knowledge
Even if you know there are more bargains in Sligo than there are in South County Dublin, that won’t help you get a mortgage. Conventional advice states that you need to save a healthy deposit, clear any unnecessary debts and tighten up your spending before you apply. However, in today’s tech-first world, the internet can be your best friend. Although the latest online resources won’t make any lender say yes to giving you a six-figure sum of money, they can help guide you in the right direction.
Perhaps the most important thing any borrower can do is arm themselves with as much information as possible. In England, where the average age of a first-time buyer is 30 (2017 statistics), comparison sites and intelligent mortgage calculators have become a must. Today, a buyer can go online and uncover the nuances of the top lenders with relative ease. As an example, Trussle provides factual overviews that allow consumers to assess the top lenders.
For instance, Coventry Building Society is rated as the UK’s second-largest building society. As per Trussle’s report, the Coventry mortgage application process takes, on average, 13 days. Beyond that, readers can see that Coventry will lend someone up to 5X their annual wage and that its lowest opening interest rate is 1.79%.
Calculate Your Own Probability
Beyond these factsheets, visitors can use mortgage calculators to further refine their searches. From affordability to stamp duty, the calculators provide a clear picture of the mortgage market and, importantly, a picture based on an individual’s circumstances. Even though knowledge is your best weapon in a tough housing market, everything comes back to you.
Knowing that Coventry Building Society handled 3.3% of all UK lending in 2017 is great. However, if you don’t fit that lender’s criteria, its lending prowess doesn’t matter. Therefore, if you’re going to use technology to your advantage, it pays to do your research and then put it into context.
If you can do that, the market won’t seem as daunting. Again, there are no guarantees when it comes to applying for a mortgage or securing the house of your dreams. However, with the right approach, some careful planning and a little bit of thought, you can improve your chances of success. The internet has become a fantastic resource for buyers over the last decade and that’s why our advice is to use it as a way to tame the Irish housing market.
- Do you keep up to date on house prices and how the market is moving
- What are your top tech tips on securing the best deal when it comes to buying a house?
Written by Chloe Bradford. Chloe has been working as a freelance writer for over five years. Her educational background in journalism and personal life has given her a broad base from which to approach a variety of topics. When she is not writing you will find her exploring different countries and cultures.