Average house in Ireland sold every 50 years as report highlights 'lack of transparency in bidding' for homes

"The latest MyHome.ie and Bank of Ireland property report found that Ireland's "opaque" process for buying and selling homes is deterring buyers who are confused, frustrated and in limbo, with lengthy delays often the result of the lack of transparency. It found that two-in-five homes put on the market are being sold for 10pc or more above the original asking price and one-in-seven at 20pc above. There were 61,000 residential properties sold in 2024."

"This amounted to just 2.8pc of overall housing stock, meaning the average property is sold once every 50 years. This turnover rate was well below the UK's turnover rate of 3.6pc. Just 9,000 mortgages were drawn down by home movers in 2024, representing just 0.4pc of the country's housing stock, again, less than half that seen in the UK (0.9pc). Despite Irish homeowners emerging out of negative equity, the report said it is "striking" there has been little improvement in housing market liquidity."

"It states there is a "lack of transparency in bidding", with gaps between asking prices and final sale prices all contributing to "poor levels of housing liquidity". "In too many cases asking prices are not an optimal guide for homebuyers - adding to the time and effort required to buy or sell a home," the report found. "This emerging divergence between asking prices and final sold prices is contributing to an unclear picture for both would-be buyers and vendors.""

Ireland's buying and selling process for homes is opaque, deterring buyers who are confused, frustrated and in limbo, with lengthy delays due to lack of transparency. Two-in-five homes listed sell at 10% or more above original asking price and one-in-seven sell at 20% above. There were 61,000 residential property sales in 2024, equal to 2.8% of housing stock, implying an average property is sold once every 50 years. Home-mover mortgage drawdowns numbered 9,000 in 2024 (0.4% of stock), below the UK's 0.9% rate. Gaps between asking and final sold prices reduce market liquidity and slow transactions.

Read at Irish Independent