Ireland housing crisis: New study shows drastic 50% drop in second hand homes for sale in last decade
The data published by MyHome.ie today [weds] show that there were 24,750 second-hand homes listed for sale in Ireland in July 2014, compared to 12,477 last month.
The number of secondhand homes across the country available for sale has declined by 50% in the last decade, according to new research. The data published by MyHome.ie on Wednesday shows that there were 24,750 second-hand homes listed for sale in Ireland in July 2014.
This compares with 12,477 properties last month, a decline of 50%. The degree to which secondhand stock had declined differed across the country.
There was a 61% decline in Munster, a 59% drop in Connacht plus the three border counties of Cavan, Donegal and Monaghan, and a 36% decline in Leinster. Dublin has experienced a 19% drop in second-hand properties for sale since 2014.
Of the 12,477 second-hand properties listed on MyHome.ie last month, 7,983 had an asking price of €450,000 or below, with 2,893 listed for between €450,000 and €800,000.
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Joanne Geary, Managing Director of MyHome.ie, said that the research being published today was “particularly concerning” due to the fact the “population of the country has grown by an average of 65,000 every year since 2016” and that it was “unlikely that the fierce demand” for homes would ease.
“Ireland is experiencing strong economic tailwinds and full employment at present, with a significant increase in high earners recorded recently,” she said.
“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.”
Sinn Féin’s housing spokesman Eoin Ó Broin told the Irish Mirror that the new study was “further evidence that the Government housing plan isn’t working”.
“It is based on a deliberate underestimation of the number of new homes needed each year to meet unmet and emerging demand,” he said.
“As a result, there is enormous pressure on the second-hand market. Meanwhile, the price of new homes is making it impossible for many existing homeowners to trade up or trade down. The one intervention the Government could make to address this, namely increasing and accelerating the delivery of affordable homes, is the one intervention they are refusing to do.”
Mr Ó Broin remarked that Sinn Féin has “made it clear” that at least 300,000 homes are required over the next five years. This includes 75,000 social homes and 50,000 affordable homes. He added: “Anything short of this will mean that the demand for homes will continue to outstrip supply.”
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