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Property prices expected to rise by 2 percent this year

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By Ted Healy of DNG TED HEALY

It's that time of year again where property reports on the year past are plentiful, with financial institutions, agencies and construction firms all analysing the past 12 month's activity and making predictions for the year ahead.

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The latest report, from the Society of Chartered Surveyors (SCSI) has highlighted that in the final quarter of 2022, 40% of house sales were due to landlords exiting the market.

It suggests property prices are expected to rise by 2 percent this year, a considerable slowdown on the double-digit growth rates up to now which is likely to put a squeeze on house builders because construction costs are rising at more than 2 percent. This will directly impact on supply to the market.

The large numbers of buy-to-let properties being sold will not be replaced in the rental market, putting more pressure on rental costs.

The survey found that popular new three-bed semis remain out of the reach for a large number of first-time buyers on average salaries.

The trend of second-hand buy-to-let properties coming on the market was evident throughout 2022, but it ramped up in the last quarter of the year. While this may have helped to increase the number of properties available for sale – 66% of agents reported low stock levels this year – the lack of supply remains the dominant issue in the market.

The trend of private landlords exiting the market also has serious implications for the supply of rental properties. SCSI agents are reporting that the supply of available units to rent is at one of the lowest levels ever, and they do not believe the situation will improve in the short term.

“Almost 80% of agents surveyed are of the view that individual buy-to-let second-hand rental units being sold at present will not be replaced in the rental market in the next two years,” said John O’Sullivan of SCSI.

The survey found the three primary reasons for occupied residential units coming back on to the market for sale include the complex and restrictive nature of rent regulations, landlords finding compliance with rented housing standards too onerous, and net rental returns too low, according to the report.

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Bumper GAA weekend in town

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Killarney is set for a bumper GAA weekend as Kerry faces Cavan in a do-or-die All-Ireland Senior Football Championship preliminary quarter-final.

The game is scheduled for Saturday, June 21st, at Fitzgerald Stadium in Killarney, with a 3:30pm throw-in and traffic and parking restrictions will be in place on the bypass and on all approach roads.
Kerry will be looking to recover quickly from their recent defeat to Meath in their final round-robin match.
The match will be streamed live on GAA+. Radio Kerry will provide live commentary with Timmy Moynihan and Ambrose O’Donovan. Jerome Henry will officiate the match.
This game is one of four All-Ireland SFC preliminary quarter-finals. The other Munster county still in the championship, Cork, will play Dublin at Croke Park at 6:15pm on Saturday, with that game also broadcast on GAA+.

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Killarney café to host free event in aid of local charity

A local cafe in Killarney is hosting an event to celebrate cherished sporting memories in Killarney. The event is taking place in Clann Housing, Coill na Darrach on June 28 […]

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A local cafe in Killarney is hosting an event to celebrate cherished sporting memories in Killarney.

The event is taking place in Clann Housing, Coill na Darrach on June 28 and it is part of the wider Alzheimer Society of Irelands sporting memories initiative.

There will be stories, photographs, and memorabilia shared on the day.

The Alzheimer Society of Ireland is organising a sporting memories initiative which aims to harness the power of sport to spark memories and create connections with people living with dementia.

John Don O’Donoghue, who is a joint organiser of the event, is emphasising the importance of events like these for those who suffer with dementia.

He said: “They offer people, especially older adults and those living with dementia, a meaningful way to reconnect – not just with their memories, but with each other. We’ve seen first-hand how powerful it can be when someone’s face lights up remembering a match, a goal, or a moment they thought was long forgotten.”

All members of the community are welcome to attend and take part. The event is free and guests are encouraged to bring their own photos, memorabilia and stories to share.

For more information, please contact: Triona Heffernan or John Don O’ Donoghue Email: soccermemoriescafe@gmail.com

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