Number of second-hand properties for sale has fallen 50% in 10 years

Ellen O'Donoghue

There's a “chronic shortage” of second-hand homes for sale across the State.

There were just under 12,500 second-hand homes for sale across the country in July, according to new analysis by MyHome.ie.

The MyHome.ie research showed there were 24,750 second-hand homes listed for sale in Ireland in July 2014. This compares with 12,477 properties last month – a decline of 50 per cent.

Joanne Geary, Managing director of MyHome.ie, said the 50 per cent decline is “pretty dramatic”.

“[It is a] pretty stark figure when you consider that there is very strong demand in the market currently, but obviously a drop of 50 per cent speaks to the underlying issue in our marketplace which is shortfall of supply,” she said.

Ms Geary said Munster has the least number of second-hand properties available, followed by the Border counties. Dublin has experienced a 19 per cent drop in second-hand properties for sale since 2014.

“The province that has been most affected is Munster, with a 61 per cent drop in properties in the decade. Connacht, if we take in the three Border counties, is down 59 per cent and a 36 per cent decline in Leinster. Dublin experienced a 19 per cent drop during the same period which shows that there is very much a chronic supply issue,” Ms Geary said.

Of the second-hand properties listed on MyHome.ie last month, 7,983 had an asking price of €450,000 or below, with 2,893 listed for between €450,000 and €800,000.

"This trend is particularly concerning when one considers that, according to the CSO, the population of the country has grown by an average of 65,000 every year since 2016," she added.