Steady Growth Expected in 2017

Posted on 9th January 2017 by Shauna Forde

There are early indicators that 2017 will be another year of strong growth in the property market. According to a new report released by www.daft.ie, the property market during 2016, increased nationally by 8%, and impressively over 12% in the Connacht region and over 9% in both Munster and Leinster. Very similar figures were seen in 2015, showing the market is still recovering strongly with increases becoming more settled particularly in the urban areas which seen bigger increases earlier in the recovery.

However a major challenge in 2016 was the housing supply shortage which looks to continue, thus feeding into the continued rise of house prices in 2017 and indeed for the next few years. Figures from MyHome.ie show that the number of properties listed for sale fell to just 20,875 in December 2016, down 7.7% from 12 months previous which sets another historic low in terms of supply. Out of these properties many are located in less desirable locations which is leading to a significant shortage of good quality family homes across Ireland.

Patrick Folan, director of IAM Sold stated that “while a small amount of new builds are coming on stream, there is still a clear imbalance between supply and demand.  We are hopeful that new schemes such as the help to buy scheme will aid in pushing on new build homes to allow for supply to catch up with demand.

 

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