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What you need to know about buying a house in Limerick

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07 Mar 2017

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Limerick is a city that has many claims to fame but it’s probably best known as the unofficial “Sports Capital of Ireland”.

The city is pretty sports-obsessed – just ask anyone who’s ever graced The Gaelic Grounds for a big game or visited Thomond Park, the home of Munster Rugby. The “Thomond Roar” has been the soundtrack for many memorable occasions, not least the famous win over the All-Blacks in 1978 and the “Miracle Match” against Gloucester in 2003.

Limerick has made a habit of pumping out sporting icons across different codes, from old hurling greats like Mick Mackey to modern rugby stars like Paul O’Connell.*

Limerick - a city of culture

But there’s more to Limerick than oval balls, racing, boxing champs and a fine GAA heritage.

The city’s also a cultural hot spot and it was named as Ireland’s first National City of Culture in 2014. It’s also been shortlisted for the European City of Culture 2020, which is a pretty big deal.

Of course one of its most famous sons is acting legend, Richard Harris. In case you thought that we were joking about that sports-obsessed comment, Harris was also a former Munster Rugby player and a passionate fan in his own right.

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Some of Limerick’s other pop culture exports include TV star, Terry Wogan, global chart-toppers The Cranberries and best-selling Angela’s Ashes author, Frank McCourt.*

Buying a home in Limerick

The news of 300 new jobs at Northern Trust and 150 new jobs at Uber are a sign of the city’s recent rejuvenation.

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“Limerick is getting its mojo back,” says John Cleary, of the EBS Limerick (William Street).

“It will take a while for new housing development to catch up with demand, but there are signs of activity with new builds at Evanwood, Castletroy and Slí Na Manach, Mungret as examples.”

There is still value to be found in the city. The average asking price for a one-bed flat is €64,000 while a three-bed semi-d will set you back €128,000 (Accessed December 2015).

“Over the last year there has been an increase in demand, mostly in the first time buyer category,” says John.

“We also see people with homes looking to change as their family has outgrown their existing home.”

Limerick was the last place in the country to see property prices reach their lowest point but prices have increased by 17% in the last year (Accessed December 2015).

“There isn’t a huge supply of good quality family homes at present,” says John.

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“That will naturally drive up price but also the level of interest and activity around a particular house sale.”

He advises house hunters to notify auctioneers that they’re in the market for a house to make sure they don’t miss out.

Why buy a new home in Limerick

Limerick has existed in one form or another for 1200 years but it’s still a lively melting pot of everything you’d want from a modern city.

“Limerick hosts a range of amenities, from the old to the new,” says John.

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“King John’s castle is a great place to visit and learn about its past and you can visit the Hunt Museum for more history. Every weekend the Milk Market hosts a range of local and artisan producers, and turns into a concert venue by night.

“The University of Limerick hosts a state of the art sports complex, including a 50 metre swimming pool.”

Limerick for First Time Buyers

The first time buyer market is competitive but John says that popular areas for buyers include Castletroy, Caherdavin, Raheen, Dooradoyle and North Circular Road. There is also a lot of interest in satellite towns like Adare, Clarina, Clonlara and Kildimo.

Limerick for families

The city has plenty of family-friendly areas although demand is outstripping supply at the moment.

“Limerick is a very friendly city throughout - it’s in the blood of the people,” says John.

“Castletroy, Caherdavin, Raheen, Dooradoyle would all have a high percentage of families, as do satellite towns like Mungret and Adare.”

Limerick for commuters

Nearby towns like Adare, Mugret, Clarina, Clonlara and Kildimo are all popular options for people who are prepared to travel into the city for work. These areas are also a useful option for people who are struggling to find what they want in the city centre.

Thinking of buying a house in Limerick?

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Before you go house hunting it's a good idea to get your mortgage arranged – or have a chat with an advisor to find out where you stand.

Get the ball rolling with our First Time Buyer and Next Time Buyer guides.

If you'd like to talk through your mortgage options, book a 30 Minute Mortgage Meeting with John or one of the team in the EBS Limerick (William Street). You can use our mortgage calculator to find out how much you may be able to borrow.

Why not visit our Facebook page for more great housing tips, competitions, or just for some general merriment?

 

Emer O'Reillly Financial Services Ltd trading as EBS Limerick (William Street) is a tied mortgage agent acting solely on behalf of EBS d.a.c. EBS d.a.c. is regulated by the Central Bank of Ireland.

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.

*If we mention celebrities, we're not saying they love us. They secretly might, but it doesn't mean they endorse us.

House Prices taken from Daft.ie accessed December 2015.

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