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Stock of second hand homes still at historic lows - Sherry Fitzgerald

The stock of second-hand properties has fallen by over 26% since January 2020
The stock of second-hand properties has fallen by over 26% since January 2020

Just 15,140 second hand homes were listed for sale across the country last month, according to estate agents Sherry FitzGerald.

It means the stock of available used residential properties remains at historic lows, the company said.

Since January of 2020, just before the pandemic began, the stock of second-hand properties has fallen by over 26%.

It compares to 53,909 used homes available to buy on January of 2010.

Overall, the volume of second-hand homes advertised for purchase stood at 0.8% of the total housing stock during the month.

"The imbalance between supply and demand remains the foremost obstacle facing the housing market," said Marian Finnegan, Managing Director of Sherry FitzGerald.

"This is crystalised by the fact that in January, there was only 0.8% of stock available for sale nationwide and only 0.75% in the Dublin market," she said.

"Such limited supply will inevitably put further upward pressure on prices in the months ahead," she added.

The situation is replicated across all four provinces of the country, with supply down 37% in Connacht, 36% in Ulster and Munster and 12% in Leinster since the start of 2020.

Dublin city is the only county where stock has risen, with increases recorded in all four local authority areas compared to pre-pandemic.

Roscommon and Kerry have seen the biggest drop in availability compared to three years ago, down 50% and 45% respectively.

The agents said stock remains particularly depressed at the sub €200,000 level.

A mere 3,850 properties in this bracket were available last month, down 49%.

"Such a shortage of stock will only be resolved by a notable increase in construction activity," Ms Finnegan said.

"At this juncture we need to be targeting over 52,000 new homes each year, double our current output levels," she advised.