A new guide to house rebuilding costs, published by the Society of Chartered Surveyors, shows that rebuilding costs for houses have fallen by an average of 4%. However the costs for the most common house type, the 3 bed semi, have recorded falls of nearly 10%.
The biggest decline, 10.2% occurred in Limerick while Dublin and Galway recorded falls of 8%. Rebuilding prices for two and three bed-roomed terraced houses also fell but by a lower amount, between 4 and 6% depending on location.
The findings will be welcomed by all homeowners as they should lead to pro-rata reductions in house insurance premiums.
However the figures indicate that rebuild costs for larger and detached houses are showing signs of levelling off with the rebuild costs for these house types declining by smaller margins or remaining static.
The SCS, the largest construction and property industry body in the country, publishes the guide to assist homeowners insure their property. The guide surveys rebuild costs for the main house types in all 5 major urban areas; Dublin, Cork, Galway, Limerick and Waterford.
The fall in rebuilding costs means that the cost of rebuilding a typical 3-bedroom semi-detached 95 sq m house in Dublin has fallen €149 per sq metre or from €204,056 last year to €189,132, this year, a fall of some 7.3%.
Once again Dublin has the most expensive rebuild costs across all house types. In Cork the cost of rebuilding the same type of house fell €133 per sq metre or from €162,636 last year to €149,232 this year, a fall of 8.2%. Rebuilding costs are slightly cheaper again in Limerick, Galway and Waterford.
The cost of rebuilding two and three bed-roomed terraced houses in Dublin fell by 5 or 6% while the cost of rebuilding a 4 bedroom semi detached house in the capital only fell marginally. The cost of rebuilding a 4 bedroom detached house fell by 2.4%.
This general pattern of price falls was repeated in the other cities although there were some regional variations.
When assisting clients on the renewal of their home insurance, Eolas Money Management ensures that these latest rebuilding costs are reflected in their insurance premiums. The average saving secured last year for Eolas Money members was €85.
Should you have any queries regarding your inurance requirmenets, feel free to contact us and we will be delighted to assist you.