David Lawlor, Director at Hooke & MacDonald New Homes
Property professionals give their views on demand, Government schemes and housing completions
We are at a critical stage in the evolution of the new homes market in Ireland. Demand is at an all-time high, particularly from first-time buyers, resulting from bulging demographics and a thriving economy.
On the other hand, supply is increasing, but not at a pace that will match or come close to Government targets or homebuyer needs. The building industry is playing its part by acquiring multiple sites, seeking planning permissions in a difficult environment, producing superb quality, well-designed, energy efficient new home developments and creating vibrant new communities throughout the country.
The new entity tasked with driving a revolution in the provision of vital infrastructure is hugely significant and forms the basis for a very positive outlook for the new homes sector over the next four to five years.
One downside is the continuing lack of viability for apartment construction. The Croí Cónaithe scheme is welcome and provides a boost for qualifying first-time buyers and other owner-occupiers. However, other incentives are urgently needed for the apartment sector to thrive.
The Help to Buy, First Home and Affordable Purchase schemes are providing invaluable supportfor
aspiring home buyers. Notable trends relating to homebuyer considerations when deciding where to buy a new home include proximity to schools and childcare, parking space provision and affordability.The reduction in hybrid working by banks and other organisations is putting an increased emphasis on
public transport proximity and service.
One other new trend is sales being achieved off plans, before they are built, usually with the benefit of a show unit or a well-equipped marketing suite. Technology is setto play an increasing part in the new homes market with AI and video enhancements. All in all, an exciting time ahead for the market and for homebuyers.