Average price of new home: €265,000

Average price of second-hand home: €255,000

Down 17%

Projected change to Jan 2010: none

While property prices fell by 17% last year in Co Wexford, site values plummeted by far more — up to 80%. This was largely due to the fact that builders were consistently turned down for finance. As a glut of new housing units and apartments lay idle in some of the more remote locations, the value for these properties dropped to the ground.

There are few investors left in the county and, with rents down 20%, there is little incentive for them to jump back in until the market stabilises.

Farmland of under 30 acres is holding its own and estate agents believe this is due to the fact that prices were already adjusted a couple of years ago.

Three-bedroom bungalows in town centres are also holding their own because there are few on the market. However, the value of bungalows outside the town has fallen greatly because there is an oversupply.

New holiday homes have also seen their prices cut, with estate agents saying that many people in financial difficulty are keen to offload their holiday homes.

Wexford town is set to benefit from the completion of the Enniscorthy bypass. The completion of the Wexford Opera House has also brought confidence to the town.

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