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Ten-year slump in second-hand homes

The number of second-hand homes listed on property website MyHome.ie has halved in the past ten years, according to its research.

The website says that there were 24,750 second-hand homes listed for sale in Ireland in July 2014, compared with 12,477 last month.

The figures have fallen across the country, with a 61% decline in Munster, a 59% drop in Connacht plus the three border counties, and a 36% decline in Leinster. Dublin has experienced a 19% drop in second-hand properties for sale since 2014.

‘Chronic shortage’

MyHome.ie says that what it describes as “the chronic shortage” in supply is becoming more acute outside the capital city.

In 2014, second-hand properties in Dublin represented 16% of all national stock on the website; last month, that figure had risen to 26%.

Joanne Geary (managing director of MyHome.ie) said that the figures showed the work that needed to be done to address the imbalance between supply and demand in the market.

“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,” she stated.