Q1 sales show property market is now at its lowest level since 2017

Q1 sales show property market is now at its lowest level since 2017

A new study based on an analysis of residential property sales recorded in the Property Price Register during Q1 2020 shows the market is now at its lowest level for a first quarter since 2017, while sales in six counties in Leinster are down by at least 6% compared with Q1 2019.

The study, which was carried out by leading property website MyHome.ie, shows that the number of sales nationwide was down by 4.6% in Q1 2020 compared to the same quarter the year before (11,161 sales in Q1 2020, compared with 11,702 in Q1 2019). These are the lowest Q1 sales figures since Q1 2017, when 11,053 units were sold.

The analysis also shows mixed results in urban centres – there has been a fall in activity in Dublin, with the number of sales in the capital dipping by 7.2% (3,482 sales in Q1 2020 compared to 3,751 sales in Q1 2019). In Limerick, meanwhile, sales rose by 7.2% (434 sales in Q1 2020 compared to 405 sales in the same period last year).

Notable figures include:

County Q1 2020 sales Q1 2019 sales % difference
Dublin 3482 3751 -7.2%
Kildare 567 675 -16.0%
Kilkenny 162 191 -15.2%
Laois 166 178 -6.7%
Louth 299 341 -12.3%
Wexford 347 422 -17.8%

Across the country, 13 counties reported a fall in sales figures, eight counties experienced rises and five counties stayed flat (Galway at -0.5%, Kerry at 0.7%, Mayo at -0.3%, Offaly at 0% and Waterford at 0.6%).

Dublin, which is responsible for almost a third of sales in the Irish property market, recorded 3,482 sales in Q1 2020. The capital was followed by Cork with 1,267 sales, and Kildare with 567. The counties with the lowest number of sales were Leitrim (89), Monaghan (90), and Longford (91).

Angela Keegan, Managing Director of MyHome.ie, said that Covid-19 had negated any potential bounce-back in activity following the Brexit uncertainty of last year, and added that the figures emphasised the need for the resumption of construction activity as soon as possible.

“Brexit uncertainty had a significant effect on sales activity in 2019, something which was apparent into the new year. This was compounded by Covid-19 at the start of March, just when we thought we would see an increase in sales. However, the damage brought about by Covid-19 can be somewhat mitigated if the construction industry is allowed to resume work quickly. It is clear that the longer we wait for construction to resume, the greater the fall-off in new homes will be which is something the market can ill-afford at present.”

Leave a Reply