Residential vacancy rate in Longford almost double national average, study finds

155 residential buildings under construction and 141 new residential address points recorded by GeoDirectory in Longford in the twelve months to June 2022, a quarterly GeoDirectory Residential Buildings Report found.

It also revealed the average residential property price in Longford was €154,306 in May 2022.

The twice-annual residential buildings report, prepared by EY, found that a total of 86,708 residential buildings were classified as vacant across Ireland by GeoDirectory, a 5.9% drop when compared to the previous year.

Out of the 26 counties surveyed, the residential vacancy rate decreased in all but one, Wicklow.

The highest vacancy rates in the country were found in the west and north-west of the country.

At 12.8%, Leitrim was the county with the highest vacancy rate, although it did post a year-on-year vacancy decline of 2.0pp. Mayo (11.4%), Roscommon (11.0%) and Donegal (9.7%) were the other counties to post notably high vacancy rates.

Dublin was the county with the lowest vacancy rate in the country at 1.5%, closely followed by Kildare at 1.6%. Meath (2.5%), Waterford (2.6%) and Louth (2.6%) all recorded residential vacancy rates under the 3.0% mark.

In addition to vacancies, 21,897 residential address points were classified as derelict. This total was 3.8% lower than the corresponding figure in Q2 2021.

Buildings under Construction

In Longford, 155 residential buildings were under construction in June 2022. Nationally, residential construction activity accelerated in the first half of the year, with 22,390 residential buildings under construction in June 2022 that the number of buildings under construction was 18.4% higher than the corresponding period in 2021.

Of the total number, 17.4% were located in Dublin, 14.2% in Kildare and 12.0% in Cork. Notably, the year-on-year increase of buildings under construction in Kildare was 74.4%.

Sharp Increase in Number of New Residential Address Points Recorded

In Longford, 141 new residential address points were added to the GeoDirectory database in the twelve months to June 2022.
Nationally, a total of 34,198 new residential addresses were added to the GeoDirectory database in the twelve months to June 2022. This represents an increase of 34.1% on the total recorded between June 2020 and June 2021.

Dublin had the largest share of new address points, with 12,288 addresses added (35.9% of the total), followed by Cork (9.5%), Kildare (9.1%), Meath (6.7%) and Wicklow (5.2%).

Fifty-seven per cent of all new address points were added in the Greater Dublin Area of ​​Dublin, Meath, Wicklow and Kildare. At the other end of the spectrum, Leitrim (0.3%), Longford (0.4%), and Roscommon (0.6%) had the smallest share of new address points.

Number of Residential Property Transactions increases

The number of residential property transactions increased by 13.5% in the twelve months to May 2022, representing an additional 5,500 transactions on the corresponding figure for the previous twelve months.

In Longford, there were 418 residential property transactions, 2.2% of which were new dwellings. The average property price in the county was €154,306.

The average property price nationally in the twelve months to May 2022 was €338,394. The highest average property price was recorded in Dublin (€514,796), while the lowest was in Longford (€154,306). When Dublin is excluded, the average property price nationally fell to €267,351.

Commenting on the findings of the GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory said, “The level of residential construction has increased significantly over the past twelve months as Covid-19 public health measures on the construction sector were gradually eased then removed.

This activity indicates a strong pipeline of residential properties that we would expect to enter the market in the months ahead.

The GeoDirectory Residential Buildings Report found that the number of vacant properties has also fallen in the last year, although when combined with derelict properties, there are still over 100,000 potential properties which could re-enter the market.”

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Andrew Naughtie

News reporter and author at @websalespromo