New report shows serious housing shortage in Dublin

 

housing shortage
The Residential Property team at HWP.ie estate agents found a new report, on Ireland’s residential building stock has found that Dublin is experiencing a serious housing shortage.

 
The report has been compiled by GeoDirectory, which was established by An Post and Ordnance Survey Ireland to create and manage a complete national database of commercial and residential buildings.

 
Data shows that a high population and lack of stock are major contributory factors to Dublin’s urgent housing needs.
According to the report, the capital has the highest number of property transactions in the country, with the highest average transaction price at almost €321,000 for the 12 months from June 2013 to June 2014.

 
The information has been compiled from the Property Price Register, the Central Statistics Office Census of Population statistics, as well as the GeoDirectory Database.

 
Outside of Dublin, the next most expensive places to buy a residential property are in Wicklow (€260,969) and Kildare (€212,470).

 
Cavan had the lowest average transaction price at €69,000.

 
The national average housing turnover rate from June 2013 to June 2014 was 1.4%, with Dublin experiencing the greatest turnover in housing stock.

 
Donegal, Monaghan and Mayo each had the lowest rates of housing turnover in the country for the same period.
The report estimates that there were 28,000 transactions in the year to June 2014.

 
Meanwhile, another report recommended that couples who are homebuyers be limited to borrowing a maximum of four times their combined income.

 
The report from Davy Research also recommended that buyers be restricted to a mortgage of no more than 80% of the purchase price of a home.

 
The report urged the Central Bank to take action to ensure borrowers are not over-extending themselves.
Davy concluded that although house prices are still 40% below the peak of the market in 2007, they are far from inexpensive.

 
At their peak, Davy said, house prices in Ireland were more than nine times the national average income. The current level is about five times the average income.

 
By contrast, in the UK prices are slightly less than five times the average income.

 
The report also raised concern about sustainability of mortgage debt for some borrowers as interest rates rise from their current low levels over the 25-35-year time horizon of a home loan.

 
If you are interested in selling your property speak to Frank Kennedy the head of residential property at HWP.ie estate agents who would be happy to discuss your property and do a free valuation if your require.

HWP.ie estate agents we understand selling your property can be a stressful and often expensive process. That is why we have taken the pain out of the process. We will only charge you if and when your property sells. We charge you nothing upfront for marketing expenses or any other costs that may stop you getting your property on the market. And if you decide not to sell, we won’t charge you a cent.

We are one of the only estate agents in Dublin offering this unique service and unbeatable guarantee. We are so sure HWP can sell your property for a price you are happy with and offer exceptional customer service.

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To contact the team at HWP, either call us on 01 466 4993 or email  info@hwp.ie, or click Contact Us to get in touch.