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29 Jun 2022

Record low of just 11,300 homes listed for sale, report finds

Only 11,300 homes are listed for sale: that's according to the latest MyHome.ie / Davy Q4 2021 Property Price Report.

Conall MacCoille, Chief Economist at the investment platform provider Davy, explained that the the findings of the report are an area of concern for prospective homebuyers.

He said: "The unwelcome message from this quarter's MyHome report is that there is little sign of conditions easing."

"Prices also rose by an uncharacteristically sharp 1.2 per cent in Q4 during the normally quiet winter months: this reflects the market grinding tighter, with the stock of homes listed for sale having fallen to a fresh historic low of just 11,300.

Mr MacCoille added that, as prices continue to increase, more and more people are finding themselves locked out of the housing market.

Other notable findings in the report include the fact that the annual asking price inflation rose by 9.7 per cent nationwide, and that in Dublin, prices increased by 7.4 per cent.

In addition, quarterly asking price inflation in the capital also rose by 1.3 per cent nationally and by 1.7 per cent.

Meanwhile 10.6 per cent increases were experienced elsewhere across Ireland.

Mr MacCoile further said that while his organisation's analysis shows that house prices are now seven times’ average incomes, the Central Bank of Ireland and Economic and Social Research Institute's (ESRI) estimates nevertheless suggest that the mortgage lending rules have stopped house prices rising by an additional 10-25 per cent over and above existing levels.

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