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Cork Independent

Home & Property

Second-hand activity remains dominant

Wednesday, 27th February, 2019 3:36pm

The supply of new homes continues to grow with 53 schemes on the market in Cork in Q4 2018, a new report has shown.

This compares to just 30 schemes in the same period of 2017.

The growing supply of new homes is positively impacting the affordability of second-hand homes, according to the latest Lisney Residential Value Index.

In 2018, on average 17 per cent of the residential market were new home sales with second-hand activity remaining dominant at 83 per cent.

New homes sales have slowly become more relevant, having made up only 13 per cent of the market in 2016.

The report said: “A notable feature of this part of the market in 2018 is the variation across the regions of Cork, with new home sales making up seven per cent of the market in Cork city, while accounting for 20 per cent of the market in Cork county.”

1,702 units were completed in Cork in the 12 months to the end of September 2018.

1,555 were houses and 147 were apartments.

This compares to 1,228 units completed in the same period of the previous year, of which 1,123 were houses and 105 were apartments. There was an overall increase of 39 per cent in total units completed.

The Lisney Residential Value Index for Cork demonstrated upward price movement of 1.9 per cent for the final three months of 2018 and grew annually by 6.4 per cent. Growth rates in the same period of 2017 were at one per cent quarterly and 4.7 per cent annually.

2,940 properties were advertised for sale in Cork at the end of December. This compares to 2,700 in the same period in 2017, indicating an 8.8 per cent increase in second-hand supply.

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