New research estimates that there are over 300,000 homes lying empty around the country.
The National Institute of Regional and Spatial Analysis is made up of a group of academics based at NUI Maynooth. Figures from research carried out by the group are more than double the official statistics.
It's been a bit of a mystery. How many houses are lying vacant around the country?
The research is based on three sets of official figures and concluded that there are 302,625 vacant properties. This figure includes properties that are vacant or are for sale or rent but do not include holiday homes. Professor Rob Kitchin says that much of the vacant housing is in the wrong location with much of the demand in urban areas.
Another report published today by the Educational Building Society (EBS) finds that houses are now more affordable than at any time in the last 25 years. This is the result of historically low interest rates, falling prices and weak demand. According to the report, a working couple are spending 13.4 per cent of their income on a mortgage today. This compares to 26 per cent in 2006. Dara Deering of the EBS says buyers can expect further reductions in prices this year in the order of around 10 per cent.
An RTÉ News report broadcast on 19 January 2010. The reporter is Adrian Lydon.
