75% drop in a decade in second hand houses on the market in Cavan

There has been a 50% decrease in the national second-hand stock for sale compared to 10 years ago, new analysis from MyHome.ie has shown.

It found just 12,477 second-hand properties listed for sale in July 2024 where there were 24,750 available in July 2014.

The analysis indicates that this downward trend is evidenced across all the provinces over the last decade but it is more pronounced in Cavan where a 75% drop has been recorded.

There were just 230 such properties listed on MyHome.ie in July 2024 in the Breffni county compared to 923 a decade previously.

However, a further search on myhome.ie on Monday of this week by this newspaper (August 12) suggested supply had further tightened.

The search returned just 211 properties in County Cavan. They ranged from €30,000 site in the Cootehill and Mountnugent areas to a €1.6M price tag for a five-bed country house at The Grange, Drumallard, Virgina.

Regionally, the survey shows there has been a 61% decline in Munster; a 59% drop in Connacht and across Cavan, Donegal and Monaghan; and a 36% decline in Leinster. Dublin has experienced a 19% drop in second-hand properties for sale since 2014.

The chronic shortage in supply is becoming more acute outside the capital city; in 2014, second-hand properties in Dublin represented 16% of all national stock on MyHome.ie

Last month, that figure had risen to 26%.

Of the 12,477 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.

Managing Director of MyHome.ie, Joanne Geary, said the analysis highlights the scale of the shortfall in second-hand properties in the last decade and emphasises the work that needs to be done to address the imbalance between supply and demand in the market.

“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 continued.

“Ireland is experiencing strong economic tailwinds and full employment at present, with a significant increase in high earners recorded recently. Added to that, looser lending rules and demand-led Government initiatives such as the First Home Scheme and Help-to-Buy Scheme have also strengthened demand.

“There is a vicious circle in the market at present, whereby those looking to trade up or down appear to have been spooked by the lack of stock available and are delaying a sale as a result, leading to an overall and consistent reduction in supply.”