Record high mortgage approvals, waiting lists and soaring Help-to-Buy applications – as the new homes market casts off the shackles of the Covid-19 pandemic, agents are expecting a busy autumn selling season across the country.
The only obstacle is that there are unlikely to be enough new homes to meet demand. Agents say the pandemic and associated restrictions have slowed the flow of new schemes to the market. “We have a supply issue, there’s no two ways about it,” says Gemma Lanigan, a partner with DNG New Homes.
On the other hand, some schemes that were held back due to the Covid restrictions are now coming to market. David Browne, director of new homes with Savills, says supply is up this autumn, due to such delays. “We have much more than we would normally have,” he says.
But it’s unlikely to be enough to quell demand, which has built up over some 18 months of lockdown and restrictions. “It’s coming out of something of a slumber,” says Ivan Gaine, managing director of new homes with Sherry FitzGerald. “There is a huge amount of pent-up demand.”
This is reflected in the strength of mortgage approvals, which hit a record €1.28 billion in July, with first-time buyers accounting for more than half of all applications approved. It’s also reflected on the ground, with strong sales for schemes that appeal to new home buyers.
“The pull to new homes is much stronger than it has been,” says Browne, noting an increase in people who have been unsuccessful in bidding on second-hand homes, and are attracted by the price certainty of a new home. Those who have been renting may also be compelled to buy, given the fact that buying is still considerably cheaper than renting.
The links in this article detail what new homes are coming up in various locations and sectors. If you are reading the app, click the following to read about new homes schemes in Dún Laoghaire-Rathdown, Dublin city, south Dublin, Fingal, commuter towns and around Ireland.
For a full analysis of Ireland's new homes market in autumn 2021, click here.
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