1,123 new homes constructed in Kildare in 2017

Housing turn over rate highest in the country

Leinster Leader reporter

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1,123 new homes constructed in Kildare in 2017

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A total of 1,123 new homes were provided in Kildare last year with 442 buildings were under construction in the county in December 2017.

The latest GeoView Residential Buildings Report, published by GeoDirectory, reveals 3.1% of the national total of new addresses were in the Lilywhite county.

New dwellings accounted for 26.9% of all residential property transactions in Kildare – higher than the national average of 18%.

The average residential property price in Kildare in 2017 was €262,543. The average property price outside Dublin was €187,623

The vacancy rate in Kildare in December 2017 was 2%, which was lower than the national average of 4.8%.

Construction activity may have increased, but the level of demand is still far greater than supply.

The report finds that 36,218 new dwellings were added to the GeoDirectory database in 2017, 1.8% of the total residential stock. Of these new addresses, the overwhelming majority were located in the capital and surrounding counties, with Dublin, Meath, Kildare and Wicklow accounting for 77.4% of the overall total.

According to CSO figures, 50,597 residential properties were purchased over the twelve months to October 2017, with new properties making up 18% of the total.

Urban areas and commuter counties accounted for the vast majority of these transactions, with the most occurring in Dublin (17,171), Cork (5,642) and Kildare (2,587). Meath (32.6%) was the county with the highest proportion of new dwelling transactions, emphasising the growing demand for housing on the commuter belt.

Combining data from the GeoDirectory database and CSO figures, the GeoView Residential Buildings Report estimates the average rate of housing turnover.

The national average housing turnover rate to October 2017 was 2.5%, an increase on the 2016 rate which was 2.1%. Kildare recorded the highest turnover rate in the country (3.24%), followed by Dublin (3.17%), Westmeath (3.01%), Meath (2.85%) and Wicklow (2.83%). These five counties, all located in the Leinster region, were the only counties to exceed the national turnover average.

Within the capital, Dublin 4 recorded the highest average property price at €735,768, while the average property price in Dublin 10 was the lowest at €196,639 and the only Dublin postcode with an average price below €200,000.

Outside Dublin, Longford had the lowest average property price at €94,792. Longford was also the only county in the country to record an average price lower than €100,000.

Dara Keogh, CEO, GeoDirectory said, “The findings of the latest GeoView report suggest that residential construction increased sharply in 2017, with over 36,000 new addresses entered into the GeoDirectory database and a 52% increase in residential construction activity compared to this time last year. However, building is heavily concentrated around Dublin and surrounding counties, while demand for housing stock remains at a high level. While progress has been made, there is still work to do in order to meet demand.”

Annette Hughes, Director of DKM Economic Consultants said, “It is interesting to note that, based on GeoDirectory and CSO figures, the average turnover rate of housing stock has increased from 2.1% to 2.5% in 2017, with new dwelling transactions jumping from 8% to 18%. Despite the notable increase in new buildings, house prices have continued to rise in Dublin and throughout the country.”