Ireland’s largest estate agents, Sherry FitzGerald, has today reported that the stock of property advertised for sale in the open market has fallen by 9% nationwide in the twelve months to July 2017.
The bi-annual analysis of second-hand properties advertised on the market reveals that the stock of available properties had fallen to 25,100 units in July 2017. This compares to approximately 27,600 units in July 2016.
The current available stock represents just 1.3% of the total private housing stock in Ireland, and stands 53% lower than in July 2010, when 53,900 units were advertised for sale.
Notably, there were only 3,900 units advertised for sale in Dublin, representing just 0.8% of Dublin’s private housing stock. This compares to 4,500 properties available in July 2016, a 13% reduction. All four local authorities saw supply levels decrease on an annual basis, with the largest fall in Dublin City, where supply fell by 19%.
In July 2010, there were 7,100 units advertised for sale in Dublin, which Sherry FitzGerald claim is a real indicator of the depletion in available stock in the intervening period.
The stock of available property in Dublin’s commuter counties of Meath, Kildare and Wicklow all fell in the twelve-month period, with current supply levels averaging between 0.9% and 1.4% of the total private housing stock in each county.
Furthermore, the regional centres of Galway, Cork and Limerick also saw reductions in supply. Notably, both Galway and Cork cities now have less than 1% of their total private housing stock available for sale. This translates into 271 units in Galway city and 451 in Cork city. Limerick city had a total of 220 units advertised for sale as of July, which is equivalent to 1.2% of total private stock.
Commenting on the figures, Chief Economist at Sherry FitzGerald, Marian Finnegan said, "The stock of properties available for sale is now critically low in all urban areas. Such low stock will inevitably put increased upward pressure on prices. As such, it is essential that every effort is made to support the development of new housing stock, particularly in the large urban areas, where the crisis is most pronounced."