Supply not meeting demand in cork says Real Estate Alliance

Supply is not meeting demand when it comes to housing in Cork.

That’s according to a Real Estate Alliance Spokesperson who says there’s a limited supply of houses coming to the market and no new builds in the county.

An average house price survey taken by the R.E.A showed the sale-price of a three-bed semi-detached home in Cork city has risen by 1.5% to €335,000 in the last quarter.

While prices in Cork County have risen by by 4.9% to €203,000 in the past three months.

Speaking to RedFM news, REA Group Spokesperson Barry McDonald says demand for property in Cork is continuing to grow.

“There’s a very limited supply of properties coming to the market, little or no new builds coming on stream especially in county Cork, and any development is limited enough and not at the level that we need to meet demand.

“Demand is continuing to grow. Last month in august the number of mortgage approvals for first time buyers was at the highest levels for first time buyers that we had seen since 2014.

“There’s huge demand across the country.”

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