Agency finds cavan lowest in threetier market

Property prices in Cavan are on the bottom rung of an emerging three-tier marketplace, that's according to the Housing Agency, who in their recent statement of Housing Supply and Demand in 2014, and their Outlook for 2015-17, found several key issues arising.

In their first such Statement, the Housing Agency provided key data and analysis on the housing supply and demand trends in Ireland, as well as an overview of future housing requirements countrywide.

Among those findings were that demand for housing will continue to increase in accordance with population trends and a reduction in household sizes, supply of new housing needs to increase, and affordability is an issue renters and single person households.

The report cites analysis carried out last year by EBS / DKM Economic Consultants (April 2014) based on median transaction prices from the Property Price Register which suggested the emergence of a three-tier housing market across the country. Within this, Dublin, Wicklow, and Kildare were identified as the least affordable counties, while Roscommon, Cavan, Leitrim and Longford were seen as the most affordable.

In a large tier of counties, including Kilkenny, Kerry and Clare, housing affordability was found to be between 10-14% of net income.

The 'Outlook for 2015-2017' report says that 21,000 homes a year are needed just to meet market demand out to 2018.

But delivery will be a 'slow process', chairman Conor Skehan said, in order not to repeat the mistakes of the past.