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Where will our next generation live?

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By Ted Healy of DNG TED HEALY

With planning permissions being overturned by An Bord Pleanála in the local news this week, it is interesting to note that it is estimated in excess of 50,000 housing units could be completed in the country in the two years to the end of 2023, according to the Banking and Payments Federation Ireland (BPFI).

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In its latest Housing Market Monitor, the BPFI said that it could help meet the demand for housing which is being driven by employment growth and rising incomes.

Estimates from various bodies say the industry needs to be completing between around 30,000 and 35,000 housing units per year to keep pace with demand and projected population increases.

Others argue that the figure is likely much higher when demand for rental accommodation and the trend towards smaller household composition is taken into account.

The Central Bank forecast earlier this year that 24,500 units would be completed this year - 29,000 in 2023 and 33,000 in 2024.

According to Brian Hayes, CEO of the BPFI, "The Irish banking sector has the capacity to provide further sustainable mortgage lending. Taking all factors into account however is it critical that housing supply needs to continue to increase in order to moderate house price increases and enhance affordability in the market.”

Residential property prices increased by just over 14% in the year to June, according to the Central Statistics Office (CSO), as the supply of properties continued to lag demand.

“The fundamental driver of the significant increase in average residential property prices in Ireland in recent years has been the lack of supply of new homes as opposed to lending growth, which was observed in mid-2000s," Ali Uğur, Chief Economist, Banking & Payments Federation Ireland, said.

He referenced Central Bank figures which showed that as of the end of 2021, over 45% of mortgage lending had been issued under lending rules introduced by the regulator in 2015 which restricted lending based on income and the value of the property.

So with national house building numbers on the rise, what about locally?

The recent An Bord Pleanála decision to refuse planning permission for the construction of a 228 unit development on Port Road has received a mixed reaction. A separate planning permission for a development of 30 units in Ballycasheen, Killarney, was overturned by the Bord earlier this year.

With little new home development on the horizon for Killarney being the net result, where are our next generation to live?

A shortage of available properties for sale, both new build and second hand, in the Killarney market has led to spiralling house prices. Now with no major increased supply expected in the short to medium term, prices can be expected to remain strong, despite forecasted interest rate increases.

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Artists invited to showcase work at Wine and Art night

It’s back – and not before time – the hugely popular Killarney Rotary Club evening of Wine and Art will return this November. The pandemic enforced its absence and now […]

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It’s back – and not before time – the hugely popular Killarney Rotary Club evening of Wine and Art will return this November.

The pandemic enforced its absence and now every effort is being made to make up for lost time.

Widely regarded as one of the social highlights of the year in Killarney, this year’s gathering will take place in the Great Southern Killarney on Wednesday, November 30, commencing at 7.15pm.

Tickets, which will be available at the door, are priced at €20 and all proceeds raised on the night will go to deserving local charities and community organisations.

Over the years the evening of wine and art has raised tens of thousands of Euro for great causes and the 2022 proceeds will be of enormous benefit to the chosen groups.

This year, once again, the event is being held in association with Daly’s SuperValu and supported by Killarney Brewing and Distilling Company.

Rotary Club President, Rayla Tadjimatova, has appealed to all artists who might like to showcase their work on the night to get in touch with club members, as soon as possible, to guarantee inclusion.

“We are reaching out not only to artists who have supported the event in the past but to any new artists who wish to take the opportunity to place their work in front of a very appreciative local audience of up to one thousand people on the night,” she said.

Those interested should email killarneyrotaryclub@gmail.com as soon as possible.

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Gardai seek whereabouts of missing Kerry teen

Gardaí are asking the public for their help in locating a 15-year-old teenager. Nicolas O’Sullivan has been missing from Ballyvelly, Tralee, since Monday (October 3). He is described as being […]

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Gardaí are asking the public for their help in locating a 15-year-old teenager.

Nicolas O’Sullivan has been missing from Ballyvelly, Tralee, since Monday (October 3).

He is described as being approximately 6ft in height, of a slim build with brown hair and green eyes. When last seen Nicolas was wearing grey tracksuit bottoms and a black hoody top. He was also carrying a black bag.

Anyone with information on Nicolas’ whereabouts is asked to contact Tralee Garda Station on 066 710 2300, the Garda Confidential Line on 1800 666 111, or any Garda Station.

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