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Why Cork is a great place to buy a home

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03 Mar 2017

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Ask any Cork person where the real capital of Ireland is and you’ll get very short odds on their answer!

 

 

Cork City has plenty of unique selling points, whether it’s strolling down the English Market, catching a gig at the Jazz Festival, sipping a hometown pint of Murphy’s or enjoying a King Creole from KCs.

It’s hard not to appreciate the combination of local charm, a booming economy and a buzzing social scene all crammed into a compact but beautiful city.

Sure even the Queen cracked a smile when she came to visit.

Job boost for Cork

Cork hosts some of the world’s biggest companies in IT, pharmaceutical, medical device, manufacturing, professional services and FMCG.

“There is huge employment being created in Cork, especially in the IT and Pharma industries,” says Declan Fitzgerald, Manager of EBS Patrick Street in Cork City.

“It’s also a small city so it’s easy to get around and commute to work. Companies are continually expanding and it brings people into the city.”

 

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Apple recently announced an extension to their Holyhill campus and confirmed that they would be creating an additional 1,000 jobs in the city. Voxpro has announced 400 new jobs in Cork and GE Healthcare has also created an additional 140 jobs at its Carrigtwohill facility.

Buying a house in Cork

With asking prices on the rise, many buyers are trying to get their own little piece of home on the banks of the Lee.

The latest Daft Report shows the average asking price for a home in Cork is €225,361 but sellers are looking for €192,000 for an average three-bed semi. Supply is still low in Munster, with the report finding that almost half of all properties find a buyer within four months (accessed December 2015).

“There is a big demand for housing in Cork,” says Declan. “It’s very busy and very competitive. When a house goes on the market, there are a lot of people looking at it.”

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Average asking prices in Cork City have climbed by 19% in the past year (accessed December 2015).

Declan advises people to have their mortgage approval ready so they won’t miss out if their dream house comes on the market.

“In a rising market, people are deciding to move quickly on houses so the key thing is to talk to us and to have your approval set up,” Declan says.

The team at EBS Patrick Street is also helping people with existing mortgages.

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“We’re doing a lot of trade-up and trade-down mortgages,” Declan adds.

“We’d also invite people who have their mortgage with other institutions to come in and look at our switcher mortgages. It’s much easier than they think.”

The city has all the benefits of living in Dublin in terms of great schools, sports facilities and clubs, shopping opportunities and local infrastructure. However, the cost of living is much lower in Cork.

The presence of University College Cork, Cork University Hospital and the Cork Institute of Technology in the city are added attractions for families.

Despite all these benefits, it’s still much cheaper to live in Cork than the Big Schmoke, as the latest figures from Numbeo show (Accessed December 2015).

Cork for commuters

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Declan says that Midleton, Carrigaline, Ballincollig, Watergrasshill and Glanmire are popular areas for people commuting to work. They’re not too far outside the city centre and they’re well-served by good bus and rail services.

Cork for First Time buyers

Many first time buyers or young couples opt for areas within commuting distance of the city. However, new estates are also attracting interest.

“Although supply of new houses remains an issue, there are some beautiful new estates being built in Lehanaghmore, Watergrasshill, Mayfield, Blackrock and Glanmire which are proving popular with our customers,” Declan says.

Cork for families

Areas like Bishopstown, Douglas, Blackrock, The Lough, Lehenaghmore, Mayfield and Montenotte are always popular family-friendly areas.

“It’s a small and easy city to get around,” says Declan.

“It has a lot of things to offer for families and on the employment side.

“We’ve done a number of mortgages for people who’ve moved from Dublin and abroad for that reason. It’s all about the employment opportunities combined with the quality of life.”

Thinking of buying a house in Cork?

Before you go house hunting it's a good idea to get your mortgage arranged – or at least discussed so you know 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 Declan or one of the team in EBS Patrick Street in Cork. You can also use our mortgage calculator to find out how much you may be able to borrow.

Don’t forget to visit our Facebook page for the latest home inspiration, news and great competitions.

 

JJH Financial Services Limited trading as EBS Patrick 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.

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