Turnover of residential property in Offaly still below national average

Average property price in Offaly at €111,975

damian@offalyexpress.ie

Reporter:

damian@offalyexpress.ie

Turnover of residential property in Offaly still below national average

This national trend of low residential property transactions has continued since 2014. The fourth report in the GeoView series cross references the Property Price Register (PPR), the CSO Census of Population and the GeoDirectory Database, to give a breakdown of the residential property by county.

Turnover of residential property in Offaly in Q4 2015 was 1.7%, below the national average rate at 2.2%.

This national trend of low residential property transactions has continued since 2014. The fourth report in the GeoView series cross references the Property Price Register (PPR), the CSO Census of Population and the GeoDirectory Database, to give a breakdown of the residential property by county.

The GeoDirectory database found that there were 2,009,896 residential dwellings across the country. The GeoDirectory database distinguishes between a ‘dwelling’ which is a single residential unit as opposed to a ‘building’ which can comprise one or more dwellings. In the 12 months to December 4th

2015, 11,784 dwellings were added to the GeoDirectory Database.

At the building level there was a large increase in the number of residential buildings added to the database. 3,957 buildings were classified as being under construction in the GeoDirectory Database in Q4 2015, up slightly from the figure recorded in Q2 2015 3,786. Dublin leads the way, with construction levels struggling to match demand for new housing (16.9% of all buildings under construction in the country); Cork (11.9%), Donegal (11.1%), and Galway (7.1%) followed. Building activity remained slow in Roscommon and Leitrim where fewer than 40 buildings were under construction in each county. 1.7% of all residential buildings under construction in Ireland in 2015 were located in Offaly.

Kildare has seen a significant increase in the number of buildings under construction, up to 253 buildings in 2015, from 19 in 2014, perhaps a result of a larger number of people being pushed to move outside the capital by rising house prices.

Waterford, with a relatively small population as of the 2011 Census, had the greatest number of dwellings per 1,000 of the county’s population at 794. In contrast to this, Dublin had one of the lowest ratios at 412 dwellings per 1,000 of the population. The lowest ratio was found in Kildare with 380 dwellings per 1,000 of the population, a figure likely to have been influenced by its proximity to Dublin.

Uniquely, this report supplies a breakdown of the types of dwellings in Ireland. Detached dwellings accounted for the largest proportion at 40.9% of the total housing stock. The country’s stock of apartments amounted to 9% of the total housing stock. 63% of all apartments were located in Dublin.

By combining data on residential property transactions from the PPR and the GeoDirectory Database, an estimate of the rate of turnover of the housing stock can be ascertained. According to these figures, the national average housing turnover rate for 2015 was 2.2%. Dublin and Kildare experienced the greatest turnover in housing stock, at 2.6% of the residential stock of each county. Monaghan had the lowest turnover rate of 1.2%, followed by Donegal (1.5%) and Tipperary (1.6%). To help make the PPR more accessible to the public, the figures have been integrated into GeoFindIT, the free app from GeoDirectory, available as a free download from the iTunes and the Android store.

The report estimates that there were 43,428 transactions in 2015 according to the PPR. A total of 13% were represented by new properties while 87% were second-hand property transactions. Unsurprisingly, the Capital had the highest average transaction price (€356,194) in the country in 2015. Wicklow had the second highest average price at €296,045. Longford had the lowest average transaction price in Ireland at €78,934, up from €75,583 in August 2015. This was followed by Roscommon at €90,728. The average property price in Offaly was €111,975.

According to the GeoView report, Dublin had the highest residential density per square kilometre (572 dwellings per km²) by a large margin. The next highest ranked county, Louth (63), had a substantially lower density, followed by Kildare (47). Leitrim and Mayo (both 12) had the lowest residential densities. Leitrim’s small population and Mayo’s relatively large area are the likely explanations for this.

Commenting on the findings, Dara Keogh, CEO, GeoDirectory said: “GeoView gives readers a unique insight into the residential property market in Ireland through the use of cross referenced figures from the GeoDirectory database, the CSO Census of Population and the PPR. We’ve seen a consistent picture over the last two – three years, with demand outstripping supply in the more urban areas, while the market remains sluggish in large parts of rural Ireland.”

Annette Hughes, Director of DKM Economic Consultants said: “This is the fourth comprehensive report about the residential building stock of its kind to be published in Ireland. The key statistic which the report highlighted was that the national average housing turnover rate in the year to December 2015 at 2.2%. This rate is showing very few signs of improving and is still well below what would be deemed to be a more normal housing turnover rate of around 4% to 5%.”

The GeoDirectory database is the most comprehensive address database of dwellings in the Republic of Ireland. The data in this report relates to dwellings in the database as of the 4th December 2015.

A copy of the GeoView Residential Buildings Report is attached in PDF format and is available at www.geodirectory.ie and www.dkm.ie