Available properties down 9% on last year
The stock of properties available for sale has fallen significantly since last year, according to estate agents Sherry FitzGerald.
In figures released today, SherryFitzGerald revealed the current available stock represents just 1.3% of the total private housing stock in Ireland and is down 53% since 2010.
The analysis of second-hand properties on the market reveals that there were 25,100 units advertised this July, down from 27,600 in the same period last year.
There were only 3,900 units advertised in Dublin where all four local authorities saw supply levels decrease, including a 19% annual fall in supply in Dublin city.
A Chief Economist for Sherry FitzGerald said the "critically low" urban stock will lead to increased prices.
“The stock of properties available for sale is now critically low in all urban areas. Such low stock will inevitably put increased upward pressure on prices," Marian Finnegan said.
Stock in commuter counties around Dublin also fell over the last year.
"It is essential that every effort is made to support the development of new housing stock, particularly in the large urban areas, where the crisis is most pronounced,” she added.
The regional centres of Galway, Cork and Limerick also saw reductions in supply with only 271 units in Galway city, 451 in Cork city and 220 units in Limerick city being advertised in July.
