Rental availability at "extraordinarily low level" as house prices continue to rise 1 month ago

Rental availability at "extraordinarily low level" as house prices continue to rise

There were just over 12,400 homes available to buy at the start of June, effectively the same number as last year.

House prices are continuing to rise nationwide, with one expert saying that rental availability is currently at "an extraordinarily low level".

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The details of Ireland's current housing status were published in Daft.ie's House Price Report for the second quarter of 2022.

Housing prices rose by 3.8% on average between March and June, marking the largest three-month gain in nearly two years.

The average listed price nationwide was €311,874 – 9.5% higher than the same period last year and just 16% below peak numbers during the Celtic Tiger period.

The number of homes that were available to buy at the start of June stood at just over 12,400, up from an all-time low of just 10,000 three months earlier.

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This increase means that there are now slightly more homes available to buy in Ireland than a year ago, the first time since mid-2019 that this has been the case.

"There were almost 5% more homes for sale in Dublin on June 1 this year compared to last year – and the equivalent figure for the rest of the province was 10.8% more homes," said Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin and author of the report.

"After over two years of rapidly falling supply, it seems that the market around the capital has turned a corner in terms of availability.

"It could be argued, indeed, that the chronic woes of the rental sector in the Greater Dublin Area – and indeed the rest of Ireland – mask the changing fortunes of the sale sector, even though the concept of a newly married couple, keen to buy a home and start a family, dominates public discourse on housing policy.

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"Rental availability is at an extraordinary low level, while the availability of homes to buy has improved in recent months."

The full report is available to read here.