Huge shortage of rental property in the city

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There is a huge shortage of rental property in the city and a soaring demand for residential properties according to auctioneer Peter McCreery.

There is a huge shortage of rental property in the city and a soaring demand for residential properties according to auctioneer Peter McCreery.

Mr McCreery said that there are currently 350 people who are actively seeking to purchase homes. “These people are either loan-approved or are cash buyers,” he said.

However in spite of the demand there is a very limited supply of houses available.

This is partly because of the fact that houses in the city have dropped between 50 and 60% in the past eight years.

Indications are strong that the market is slowly beginning to recover from the property collapse.

“This is the year of the recovery. This January there are a lot of green shoots and people are becoming much more confident in the market and are looking to buy again.

“Prices are reflective of the market which has seen a drop of between 50 and 60% since 2006,” he added.

Rental market

There is also a shortage of good quality rental property with only 35 houses in the city advertised on leading property website, Daft.ie

“There is a major shortage of two, three and four bedroomed properties and the demand is rising. There are people moving to Kilkenny for work who are being forced to stay in hotels because they cannot find suitable accommodation.