The number of new homes sold every year is being under-reported by over 30%, new research from DNG has concluded.
The real estate agent has found the Property Price Register did not report homes sold to non-household buyers last year - and the sale of multiple units sold in a block was registered as one unit.
“A block sale would typically take place to the non-household sector and that includes approved housing bodies, charities, investment funds and local authorities,” DNG Director of Research Paul Murgatroyd explained.
“It’s important to add that those units that are bought by non-household buyers are usually put back into either the rental market or social housing market or the affordable housing market.”
In total, only 58% of all new homes last year were sold to private buyers.
A housing estate under construction. Image: David Creedon / AlamyThe data also revealed strong regional variation within the market.
“At the national level, on average, there are 3.3 new home sales per thousand head of population,” Mr Murgatroyd said.
“In Galway and Limerick, the average was two units per thousand head of population and in Kildare last year there were 8.7 units per thousand head of population.
“It just goes to show the variance and the size of the new homes market in different counties.”
Overall, new home sales were 3% higher nationwide in 2023 than they were the previous year.
Despite this, in Dublin the figure dropped by 10% year-on-year.
Main image: 'For Sale' signs. Picture by: Leah Farrell / RollingNews.ie
Reporting by James Wilson and Lynsey Dolan.
