Number of second-hand properties for sale plummets by half in a decade
Picture: In 50% Listed Scannell Last Portal Second Ireland Myhome Decline Figure — The 24,750 Denis Month, 2014, Stood But A Of Ie For Were There 12,477 In That Homes Just On Hand National Property At Sale July
The national stock of second-hand housing listed for sale has plummeted by 50% in a decade, with the largest decline seen in Munster.
New research shows there were 24,750 second-hand homes listed for sale in Ireland on the property portal MyHome.ie in July 2014.
But last month, that figure stood at just 12,477 — a national decline of 50% over the last 10 years.
And of the 12,477 second-hand properties listed for sale on the portal last month, 7,983 had an asking price of €450,000 or below, with 2,893 listed for between €450,000 and €800,000.
A regional breakdown shows the downward trend in second-hand housing supply was most evident in Munster.
In 2014, there were 8,492 second-hand homes listed for sale on the portal across the province, but by last month, the figure had dropped to 3,329 — a staggering 61% decline over the decade.
It is followed closely by Connacht, plus the three border counties of Cavan, Donegal, and Monaghan, where in 2014, there were 5,686 second-hand properties listed for sale on the portal. That figure was down to 2,358 last month — a 59% drop over the decade.
In Leinster, there has been a 36% decline, with Dublin experiencing a 19% drop in second-hand properties for sale since 2014.
The chronic shortage in supply is becoming more acute outside the capital, the research shows.
In 2014, second-hand properties in Dublin represented 16% of all national stock on MyHome.ie but last month, that figure had risen to 26%.
MyHome.ie’s managing director Joanne Geary said its analysis of the figures highlighting the scale of the shortfall in second-hand properties in the last decade emphasises the work that needs to be done to address the imbalance between supply and demand in the market.
“This trend is particularly concerning when one considers that, according to the CSO, the population of the country has grown by an average of 65,000 every year since 2016," she said.
It is unlikely that the fierce demand in the market would ease in the near term, she added.
“Ireland is experiencing strong economic tailwinds and full employment at present, with a significant increase in high earners recorded recently.
“Added to that, looser lending rules and demand-led Government initiatives such as the First Home Scheme and Help-to-Buy Scheme have also strengthened demand.
“There is a vicious circle in the market at present, whereby those looking to trade up or down appear to have been spooked by the lack of stock available and are delaying a sale as a result, leading to an overall and consistent reduction in supply.”