28 May 2022

Longford's property market facing chronic 'undersupply'

Longford housing market

The buoyancy of Longford's property market may be in rude health but the sector requires a greater influx of properties to rent or buy

Longford's property market is struggling with a chronic dearth of suitable properties to buy or rent, it has been claimed this week.

This, despite latest figures showing Longford currently boasts the lowest property prices nationwide.

Local auctioneer Padraic Davis said whatever about the affordability of house prices locally, the buying and selling market was in rude health.

“The market is good at the moment with greater numbers of mortgage approved clients coming on stream.”

Mr Davis alluded to how the country's re-emergence from almost two years of coronavirus imposed restrictions had played its part in underpinning the county's property market at large.

“The biggest impact without question is the whole drive towards working from home,” he said.

“We (Longford) have benefitted greatly from that.”

The Drumlish native said but for a shortage of suitable units, Longford's property sector would be in even better shape.

A sharp rise in the cost of building supplies as well as associated inflationary demands are just one of the main reasons behind the shortfall in accommodation both within and outside Longford's main urban centres.

Surveyors are also warning the full impact of the war in Ukraine has yet to be fully assessed.

Ministers are reportedly being urged to push capital spending and to examine measures to support the construction sector amid mounting concerns about building costs and the impact on home buyers.

Politicians, likewise, are being warned to get building work started sooner rather than later on major projects or face paying out much more in future.

Mr Davis said the quick turnaround times in when a property is put up for sale and changes hands was similarly indicative of issues being felt by the county's rental market.

“The market is very frustrating,” he added.

A quick overview of properties for rent on on Monday showed just seven units for lease across the entire county.

Mr Davis said that scarcity is even pressuring some couples and young renters to shake hands on houses which may not necessarily suit their own familial needs.

“Rents are historically high and some weeks there might be only two or three properties for rent,” he said.

“What is happening is you are seeing some people going into a property which may not be what they want, but they (properties) are being taken because they don't have much choice.”

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