Property Market and General Election impact 2024

Property market and general election impact 2024 – As Ireland prepares for the upcoming election, the housing crisis continues to dominate the conversation. The housing requirement gap is estimated to be between 50,500 and 61,000 homes per year through to 2030 and beyond, equating to a total of 303,000 to 366,000 homes over the six-year period from 2024 to 2030. Current data indicates that total completions will not come anywhere near 50,500, with the now outdated target of 33,000 units unlikely to be achieved. However, the real issue lies not just in the number of homes being built, but in the type of homes being developed—and whether they meet the diverse needs of the population.

The Need for More Homes, but the Right Types of Homes

It’s clear that Ireland needs more homes—this much is obvious. But equally important is the type of housing being built to meet the specific needs of our population. Currently, we are seeing a discrepancy between supply and demand, with many people unable to find homes that suit their changing life circumstances.

For instance, while much of the focus has been on providing homes for first-time buyers, there is a significant need for other types of housing as well. As the population ages, many people are looking for homes to downsize into—whether smaller homes, bungalows, or single-level living options that are easier to manage. Unfortunately, these types of homes are incredibly scarce in towns and suburban areas. Without a focus on building the right types of housing for downsizers, the system becomes blocked. Downsizers are unable to move to more suitable properties, and in turn, they prevent families from upgrading to larger homes. This creates a gridlock effect, where everyone is stuck—whether it’s families, first-time buyers, or retirees. If downsizers can’t move, families and first-time buyers are unable to access the homes they need, driving prices up and further increasing competition.

The Importance of Building Homes for Every Stage of Life

For Ireland’s housing market to function effectively, we need more than just houses; we need homes that meet the diverse needs of the population. This means building not only for first-time buyers, but also for families, retirees, and downsizers. A one-size-fits-all approach simply will not work.

To address this, we must focus on:

1. Downsizing Options: We need more homes that cater to those looking to downsize, such as bungalows and single-level homes that are easier to maintain, particularly for older generations or people with mobility concerns. These homes should be located near towns and services for convenience and quality of life.
2. Affordable Homes for Families and First-Time Buyers: There is a desperate need for more homes that cater to families looking to upgrade and first-time buyers trying to get a foothold in the market. This means building affordable family homes, as well as smaller homes and apartments in urban areas where young professionals and growing families are priced out of the market.
3. Sustainable and Flexible Housing Developments: We need to build homes that not only meet current demand but are also adaptable for future generations. This involves flexible designs that can meet the needs of various demographics as they change over time.

The Case for One-Off Homes in Rural Ireland

One-off homes in rural Ireland often get overlooked in discussions about housing, but they’re a vital part of the solution. People should find it easier to get planning permission to build a home near where they grew up, particularly in rural communities.

Supporting one-off housing helps:

• Strengthen rural communities and maintain local connections.
• Provide options for families who want to stay close to their roots.
• Relieve housing pressures in urban centres by creating viable alternatives in rural areas.

We need balanced policies that allow for sustainable development while respecting people’s ties to their home places. These homes are not just houses; they represent family, community, and a way of life that must be preserved.

Moving Forward: A Housing Market That Works for Everyone

The next government has a vital opportunity to tackle Ireland’s housing crisis by focusing not just on the quantity of homes, but on ensuring that these homes meet the diverse needs of our population. Ireland’s housing market needs to be flexible, diverse, and responsive to the needs of everyone.

By prioritising the right types of homes in the right locations, we can break the current gridlock and create a housing system that works for all, no matter where you are in life.

Now is the time for bold action—because everyone deserves a home that works for them.

Election Policies Impacting Cork’s Property Market

With housing a central issue in the upcoming election, the manifestos of major political parties offer valuable insights into the future of the property market:

• Fianna Fáil: Plans to build 60,000 homes annually and increase urban refurbishment grants could alleviate housing shortages and boost urban redevelopment.
• Fine Gael: Proposals to extend the Help to Buy scheme and invest €40 billion in housing may sustain demand among first-time buyers.
• Sinn Féin: A focus on social and affordable housing, alongside a proposed rent freeze, could stabilise the rental market but reduce yields for investors.
• Green Party: Emphasis on sustainable housing and infrastructure investment may increase demand for energy-efficient properties.

At DNG Galvin we understand that it’s not just about the number of homes, but about finding the right home for your needs. If you’re ready to move, downsize, or upgrade, we’re here to guide you through the process. Contact us today to find the home that works for you!

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