Ireland Sees 50% Fall In Second-Hand Home Supply

The number of second-hand homes across Ireland available for sale has declined by 50% in the last decade, according to new research. The data published by MyHome.ie 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 second-hand 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.

Joanne Geary, Managing Director of MyHome.ie, said that the research being published  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.”