Statement by Marian Finnegan, Chief Economist, Sherry FitzGerald Group Sherry FitzGerald Supply Side Analysis Wednesday, September 5th, 2018
Sherry FitzGerald, Ireland’s largest estate agents, announced today (Wednesday) that the stock of property advertised for sale in the open market has increased by 3% nationwide in the twelve months to July 2018.
The bi-annual analysis of second-hand properties advertised on the market reveals that the stock of available properties had increased to 25,800 units in July 2018. This compares to approximately 25,100 units in July 2017. It is worth noting that the current available stock represents just 1.4% of the total private housing stock in Ireland, and stands 52% lower than in July 2010, when 53,900 units were advertised for sale.
Notably, there were 5,100 units advertised for sale in Dublin, representing just 1% of Dublin’s private housing stock. That said, it has increased by 31% when compared to the same period in 2017.
All four Dublin local authorities saw supply levels increase in July, however, the percentage of second hand stock advertised for sale ranges between 0.9% - 1.2% in the four areas. Such persistent low levels of stock magnify the imbalance between supply and demand that exist in the capital
In July 2010, there were 7,100 units advertised for sale in Dublin, a real indicator of the depletion in available stock in the intervening period.
According to Marian Finnegan, Chief Economist, Sherry FitzGerald; “The latest analysis of supply reveals a notable uplift in the stock of properties available for sale in Dublin in particular, but also to a lesser extent in the other regional centres. This is good news as it offers greater choice to potential purchasers, however it does point to an increased ‘time to sell’, for second-hand properties, which will inevitably impact capital value growth. There is already evidence of a moderation in price growth in Dublin, a trend which is likely to persist in the coming months”.
Dublin’s commuter counties of Kildare, Wicklow and Meath also recorded increases in supply, increasing by 15%, 10% and 4% respectively. The corresponding stock ratios stood at 1% in Meath and Kildare respectively, while the stock of available properties in Wicklow increased 1.5% of the total private housing stock.
Outside of the Greater Dublin Area, the regional centres of Cork, Limerick and Galway experienced rising supply, however, the increase was primarily driven by the city centre regions which saw the rate of increase outpace that of the county. Outside of the main urban areas, supply levels continue to contract with significant reductions recorded in Sligo, Cavan and Leitrim.
For any further information, please contact:
Director of Communication
Sherry FitzGerald Group
Ph: 01 237 6500 / 086 252 3277
Sherry FitzGerald Group
Ph: 01 237 6341 / 086 814 8251
Note to Editors:
(1) Founded in 1982, Sherry FitzGerald has grown to become Ireland’s largest firm of estate agents with over 90 owned and franchised branches throughout Ireland.