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Fewer houses for sale in Dublin that at any other time in last five years

Real-estate firm Savills says that the average number of houses for sale in Dublin has fallen by 30 per cent in the last year.

Homes in west Dublin (File photo)
Homes in west Dublin (File photo)
Image: Eamonn Farrell/Photocall Ireland

THERE ARE now fewer houses for sale in Dublin than at any other time in the last five years according to the property group Savills.

The average number of houses for sale in Dublin has fallen by 30 per cent in the last year, Savills says, with the reduction in stock varying greatly depending on which area of the county people are looking in.

From August 2011 to April of this year, there has been an average drop of nearly a third across the board but in areas such as Donnybrook, Ballsbridge and Killester, stock levels have dropped by as much as 60 per cent.

In Blackrock, the reduction has been smaller at less than a fifth (19 per cent) in the last year. Howth, Sandycove and Dalkey have seen a limited drop or none at all.

“Although we have noticed stock levels declining slightly ourselves, it is interesting to see that there are now fewer houses for sale in Dublin that at any other time since mid-2007,” Savills director Ronan O’Hara said.

Sales data from Savills has also shown that the profile of buyers has changed with a market once dominated by a first time buyers now replaced by families who are looking to trade up or down, mostly up according to the figures.

Investors account for just under 6 per cent of those now buying according to figures for the fist quarter of this year with a just over a third (34 per cent) accounting for first-time buyers.

There is also an increasing number of people who sold their house in the period between 2007 and 2009 who are now looking to buy back in.

O’Hara continued: “When we contrast 2012 data with the same period last year and even 2010, we find that First Time Buyers led the activity in those years, followed closely by returning Ex-pats and other overseas buyers.

“The trader-uppers didn’t really feature.  We now see a return of families seeking to trade up or down which ultimately it is starting to have a positive effect on activity.”

Forty per cent of buyers are now purchasing properties in the €300,000 to €400,000 price range, this is the highest percentage followed by nearly a fifth (18 per cent) who are buying properties in the €700,000 to €1 million bracket.

Just under 6 per cent are buying properties valued at €1 million or over that amount.

Savills said this was primarily due to access to funds, lower property prices in general and a more cautious buyer.

Read: Residential property prices continued decline in April – CSO

Read: Number of properties available to rent hits three and a half year low – Daft report

About the author:

Hugh O'Connell

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