Connect with us

News

The chronic undersupply of properties will continue into 2023

Published

on

0247658_Ted_Healy_1000x600.jpg

By Ted Healy of DNG TED HEALY

Firstly, happy New Year to all our readers, it has been a great privilege for me to contribute here on property related matters every fortnight and I hope that it has proved insightful.

As we begin a new year it is always beneficial to look back before we look forward. The past 12 months in the property market have certainly been eventful. We experienced unprecedented activity post pandemic lockdowns with demand far exceeding supply in all areas. This saw strong prices being achieved in record time frames in the first half of 2022.

The latter half of the year saw dramatic changes in the world economy with the ongoing conflict in Ukraine and rising energy costs, inflation and interest rates. Despite these dramatic events we have not experienced a significant hit to housing demand.

The myhome.ie Q4 Property report, published this week, shows that while asking price inflation may have dropped in Q4, just 3% of homes listed for sale in this period saw asking price reductions which demonstrates a resilience in the market. That said, this resilience will be tested in 2023. Current buyers in the market are now stretched to the largest extend in over a decade, with the average residential purchase now running at 7.7 times’ average wage.

The report shows that asking price inflation has continued to slow, the annual figure is now running at 6% nationally. It is important to note here that while price inflation has slowed, we are not talking about price falls but a slowdown in the level of price increases. The data shows that while there has been some cooling in demand and increased asking price reductions, trading has continued to be resilient with premiums still being paid over and above asking prices.

A very interesting feature of the report is that the average time to 'Sale Agreed' in Q4 was 2.7 months nationwide, which is indicative of a very tight housing market.

MORTGAGE APPROVALS

Average mortgage approvals were up 4.3% on the year. We expect 2023 will see a further slowdown in asking price inflation, although the imminent change in the Central Banks lending rules to allow for borrowings of four times income will provide the market with a boost.

The continuation of supports such as the First Home and Help To Buy Schemes will also help first time buyers in a market that still requires much more stock. While those stock levels are improving gradually on a national basis, they are still not running at levels required to satisfy demand.

On a local level, the Killarney property market has certainly proved resilient. The past 12 months has seen record prices achieved for varying property types, from three bedroom semi-detached houses to four/five bed detached family homes.

The chronic undersupply of properties to the market will continue in 2023 with demand far exceeding supply. The lack of availability of new homes is a cause of concern. Proposed changes to planning legislation may speed up the planning process but build cost inflation and rising interest rates may weigh on activity.

We expect to see continued demand for properties in the Killarney area from a host of purchasers from first time buyers, retirees, right sizing buyers, holiday home buyers and family home purchasers.

At DNG Ted Healy, we are currently looking for properties in the Killarney area to satisfy these house buyers. The end of 2022 saw us successfully close a large number of sales and we now seek stock for our 2023 purchasers.

If you are considering selling your property in 2023, please get in touch. We would be delighted to meet and speak to you to guide you through the process and advise you on how to best maximise the price of your property.

Continue Reading
Advertisement

News

World Rally Champion Phil Mills’ Killarney visit

Former World co-driving champion Phil Mills will be one of the guests of honour at a special Killarney and District Motor Club event next month. The club is celebrating Prodrive’s […]

Published

on

0264048_SI201804080263.jpg

Former World co-driving champion Phil Mills will be one of the guests of honour at a special Killarney and District Motor Club event next month.

The club is celebrating Prodrive’s association with the Rally of the Lakes on October 14.

The legendary British motorsport preparation firm was responsible for building some of the most iconic associated with the local rally.

The celebration, which will raise funds for the Jack and Jill Foundation, will be hosted by the voice of Irish motorsport Alan ‘Plum’ Tyndall.

Welshman Mills, who won the 2003 World Rally Championship, alongside Petter Solberg has confirmed his attendance at the Killarney Racecourse-based event.

He is just one of many superstars attending the showcase.
y
“Accompanying the stars will be a collection of iconic Prodrive machinery, ranging from the BMW E30 M3, all the way through to the Subaru Group A and World Rally Cars the 1990s and early 2000s,” said Killarney and District Motor Club vice chairman and organiser Mike Shea.

“All proceeds of this event will go directly to the Jack & Jill foundation helping provide support and special care to children across the country and is a once in a lifetime event.”

This event is in association with: Lyons of Limerick; C.Wharton Tool Hire Ltd; BG Motors Ltd; Castleisland Tyre Centre; Aherns Motor Group; Reen’s Rathmore Peugeot; KC Print and Moriarty’s Central Car Sales

Attachments

Continue Reading

News

National Park Autumn talks series 2023

The National Parks and Wildlife Service will run a series of talks on Thursday nights in October and November. Beginning on October 5 until November 16 the six-meeting programme will […]

Published

on

0264065_0257467WhiteTailedEagleNesting1.jpg

The National Parks and Wildlife Service will run a series of talks on Thursday nights in October and November.

Beginning on October 5 until November 16 the six-meeting programme will cover everything for the nature within the national park to the history of Killarney and its surrounding areas.

The opening lecture, by the NPWS’s Eamon Meskell will tell the story of the White-Tailed eagle in Killarney.

The following week, local historian, Owen O’Shea will deliver a speech on the Civil War in Kerry.

The final October talk is scheduled for October and its topic is the fungi growing in the park.

The lectures resume in November, on November 2, John Breen will talk about the various ant species in the park, the following week will feature a talk on the McShain family’s contribution to the town.

The final meeting, on November 16 covers the Blasket Islands, past present and future.

All events take place at Killarney House at 8pm – free admission but limited seating.

Continue Reading

Trending