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Showing posts with the label oversupply of housing

6 Reasons Why Market Will Be Slow To Recover...

An oversupply of housing and continued uncertainty are among reasons there is little hope of growth in the residential market... IN SPITE of last month’s budget measures aimed at stimulating the property market, there are six reasons why the market will remain slow to recover. The National Institute for Regional and Spatial Analysis (NIRSA) at NUI Maynooth is one of the few bodies which has been consistently researching the housing market with any degree of rigour. It believes that the budget measures aimed at boosting the residential property market won’t work. Firstly, prices are still falling, or “unwinding”, and most analysis suggests they will continue to fall for up to the next 24 months. No correction can happen until prices stop falling. But even when they do stabilise, there are other issues to take into account. We have a massive oversupply of housing. CSO figures say 14.7 per cent of the total stock is vacant. My calculations say that excluding second a