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Historically low housing stock levels impacting market – Sherry FitzGerald

By August 16, 2023No Comments

The stock of second-hand homes available on the market has reached a historic low, according to estate agents Sherry FitzGerald.

Its analysis shows that there were 13,750 homes – excluding new builds – listed for sale in July, representing just 0.7% of the entire private housing stock in the country.

Sherry FitzGerald says it amounts to a “critical shortage” in the available housing stock and points out that it has fallen by 10% since July of last year.

When compared to the summer of 2020 – at the start of the Covid-19 pandemic – the total available stock is down 24%, the group estimates.

“Of particular concern is the shortage of housing in the lower price categories, with the sub-€200,000 range experiencing the most significant decline,” Marian Finnegan, Managing Director of Sherry FitzGerald said.

“Only 2,900 properties within this price bracket are available for purchase nationwide, reflecting a sharp 55% drop in just three years,” she added.

The analysis points to substantial declines in housing stock across all four provinces since 2020.

The decline was most acute in Ulster where the reduction was of the order of 34%.

Rural areas were also disproportionately impacted with counties Carlow, Donegal, Mayo and Westmeath all experiencing stock decreases exceeding 40% in the last three years.

In Dublin, the available stock for sale stood at 3,542 homes in July – just 0.7% of the entire housing stock.

That represented a 3% reduction on 2020.

“As the housing market grapples with unprecedented challenges, collaborative efforts are crucial to ensure sustainable solutions that meet the housing needs of all segments of the population in all locations,” Ms Finnegan concluded.

Article Source: Historically low housing stock levels impacting market – Sherry FitzGerald – RTE

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