The stock of houses available for sale is now at the lowest level in over a decade, according to the latest analysis by Sherry FitzGerald Research. There were only 15,500 second - hand properties listed for sale nationwide in January 2021. This represents a 24% fall over the past twelve months effectively 4,850 fewer properties. Notably, the corresponding figure in January 2011 was 53,000.
Supply levels have been declining by about 10% per annum over much of the past decade. However, with the onset of COVID-19, supply levels have fallen sharply. The total volume of properties advertised for sale at the time represented just 0.8% of the overall total private housing stock.
According to Marian Finnegan, Managing Director, Sherry FitzGerald; “We came into 2020 with a housing crisis which has been magnified by the impact of the pandemic. The stock of property available for sale is now at an historic low. To put this in context, there were more properties for sale in Munster in 2010 than in the entire country today. Supply levels have fallen by 70% since the start of the decade.”
The decline in stock has been near ubiquitous across the country. Year-on-year, all provinces saw supply fall by at least 20%.
In Dublin, supply was down 14%, with around 520 less second-hand properties for sale compared to twelve months ago, with all local authorities in the capital recording a fall in supply. Overall, there were approximately 3,150 second-hand properties available.
South Dublin saw the largest decline in supply at 31%, this was followed by Fingal, Dun Laoghaire-Rathdown and Dublin City at 21%, 16% and 2% respectively. Across the four local authorities, the stock of second-hand properties advertised for sale equalled just 0.6% of the overall total private housing stock.
This exacerbation in supply levels is maintaining upward pressure on prices. According to the Sherry FitzGerald house price barometer, average values in the second-hand market grew by 0.7% in Dublin in January. This is the strongest rate of monthly growth since 2017.
The regional centres of Cork, Galway and Limerick saw supply fall by 20%, 18% and 13% respectively.
- ENDS -
For any further information, please contact:
Jill O’Neill
PR Director
Sherry FitzGerald Group
Ph: 01 2376 500 / 086 252 3277
Marian Finnegan
Managing Director, Residential & Advisory
Sherry FitzGerald Group
Ph: 01 237 6341 / 086 814 8251
News
