Saturday 14 December 2019

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Cork Independent

Home & Property

Housing shortage is slowly being addressed

Wednesday, 31st July, 2019 4:25pm

2,578 new addresses have been added to Cork’s residential building stock between June 2018 and June 2019.

That’s according to the latest GeoView Residential Buildings Report which counted an additional 1,478 residential buildings under construction in Cork last month.

The report, which was prepared by EY-DKM Economic Advisory on behalf of GeoDirectory, also showed that last month Cork’s vacancy rate stood at 4.1 per cent, 0.7 per cent lower than the national average of 4.8 per cent.

Nationally, 24,773 new residential dwellings were added to the GeoDirectory database the past twelve months, representing 1.2 per cent of the total national residential housing stock.

Over 50 per cent of the total new addresses were added in the Greater Dublin Area, with 7,319 (29.5 per cent) of these found in county Dublin.

There were 14,107 buildings under construction nationally last month, representing a 52.2 per cent increase on the same period last year.

Commenting on the latest GeoView Residential Buildings Report, Dara Keogh, Chief Executive, GeoDirectory, said that although the construction industry is “rising to the challenge” for housing demand, there is still some way to go to reach the required level of supply.

“Construction activity levels are almost four times higher than this stage in 2015 and this is reflected in the number of new property purchases. One in five houses bought in the last twelve months was new, and in commuter counties such as Meath, Kildare and Wicklow, this proportion was much higher,” said Mr Keogh.

According to the report there were 5,916 residential property transactions in Cork in the twelve months leading up to April 2019, with an average price of €262,052.

18.6 per cent of these transactions were for new properties, with Kinsale ranking as the town with the highest average property price in the county.

54,709 residential properties were purchased in Ireland in the twelve months to April 2019, of which 21.1 per cent were new properties. This is 2.1 percentage points higher than the same period last year.

Nationally, the average house price in the twelve months to April 2019 was €289,146, an increase of €15,940 or 5.8 per cent on the 2018 figure. Excluding Dublin, the average house price in Ireland would be €214,679.

Only three counties recorded prices higher than the national average. These were Dublin at €432,327, Wicklow at €341,217 and Kildare at €297,356.

The county with the lowest average property price was Longford at €115,330, followed by neighbouring counties Leitrim at €116,468 and Donegal at €122,953.

The report also highlighted the apparent east-west divide in terms of vacant residential properties as counties Leitrim (15.2 per cent), Roscommon (13.3 per cent), Mayo (12.9 per cent), Sligo (10.4 per cent) and Donegal (10.4 per cent) all featuring in the top five highest vacancy rates in the country.

Counties in the Greater Dublin Area - Dublin (1.2 per cent), Kildare (2.1 per cent) and Wicklow (3.1 per cent) - posted the lowest vacancy rates in the country.

The GeoDirectory data also revealed the amount of derelict buildings in the country. In June 2019, the total stood at 28,359, with the overwhelming majority (92.6 per cent) found in rural areas.

There were 1,860 derelict address points recorded in urban areas across Ireland. It is hoped that these sites, particularly the ones found in rent-pressure zones, may present opportunities for residential developments in the coming years.

It was found that there were 133 derelict buildings in urban areas in Cork last month.

Annette Hughes, Director of EY-DKM Economic Advisory Services said: “With such low levels of construction activity outside of Leinster, this analysis shows that more still needs to be done to encourage more balanced regional development so as to attract talent to areas outside of the capital and achieve the ambitious objectives set out in the National Development Plan.”

 

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