Laois sees 29% drop in sales of second hand homes

Laois has experienced a significant drop in the number of second-hand homes selling on the market due to a lack of supply, according to estate agents Sherry FitzGerald. 

There was a 29% decline in second-hand transaction activity in January 2024 in Laois compared to a year previous, according to an analysis by the company. 

 Marian Finnegan, Managing Director, Sherry FitzGerald said: "The market faces significant challenges, particularly with the decline in transaction activity as a result of persistent supply shortages.

"In January 2024, there were just 11,050 second-hand homes advertised for sale, marking a 27% decline from the previous year. Rural and regional areas have been particularly affected, with Sligo, Laois, and Roscommon recording declines in second-hand transaction activity of 31.2%, 28.9%, and 26% respectively."

Regionally homes in the Midlands experienced a strong price growth between April and June with a 7% increase in the average value of properties.

Meanwhile the average value of second-hand homes in Ireland saw a 1.8% increase in the second quarter of 2024. This brings the year-to-date figure to a 4.3% rise, contributing to an overall 5.5% increase over the past twelve months.

"Housing transactions made by household buyers as per stamp duty executions totalled 9,450 in the first quarter of this year, representing a 10.8% decrease compared to the same quarter in 2023. In the second-hand market, approximately 7,880 units were sold, a 10.4% decrease compared to the opening quarter of 2023. This decline is unsurprising given the shortage of second-hand homes available for sale over the past year," commented Ms Finnegan.

"The new homes market also witnessed a reduction in transaction activity during the first three months of 2024, recording a 13.0% decrease compared to 2023. Given the challenges faced by the sector over the past 18 months, such as construction cost inflation and interest rate increases, this decline is not surprising. However, with inflation falling and a recent interest rate cut, it is likely that we will see an uptick in transaction activity in the new homes sector through the rest of the year.

"The exodus of landlords from the market has continued throughout 2024, posing a key issue for the rental market. In the first six months of the year, landlords continued to exit the market at an unsustainable pace."