The number of new build homes sold dropped by nearly 10% in August of this year according to a CSO property index report as published by the Irish Examiner today.
This lack of new homes in Ireland is “deeply worrying” and is contributing to the challenges faced by first-time buyers trying to enter the market, according to Brokers Ireland.
First-time buyers represented just 31% of purchasers in the year to August, with non-occupiers, such as investment funds, representing 16%.
Rachel McGovern, director of financial services at Brokers Ireland, which represents 1,250 brokers in Ireland, said that first-time buyers should represent a much bigger segment of the market.
Many are forced to remain in rented accommodation, she said.
She said at a time when it is estimated that 35,000 new homes are needed every year, it is “deeply worrying” that the number of new dwellings transacted is continuing to fall. New builds accounted for just 17% of the houses sold in August 2019.
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