September 30, 2020
Business News Property

Pandemic having a detrimental effect on house building in Waterford – report

Just 340 dwellings were added to Waterford’s residential building stock in twelve months to June 2020 a new report has revealed.

The latest GeoView Residential Buildings Report released by GeoDirectory and EY-DKM shows there are 284 residential buildings currently under construction in Waterford, while the percentage of unoccupied residential units in the county stands at 3.0%, much lower than the national average of 4.5%.

The report also found that there were 1,120 residential property transactions in Waterford in the twelve months to May 2020, of which 12.4% were new builds. This meant the average house price in Waterfordover that period was €199,196.

Commenting on the latest GeoView Residential Building Report, Dara Keogh, Chief Executive, GeoDirectory said: “This report shows the impact that Covid-19 has had on housing supply in under six months.

“For the first time in several years, we have seen a drop in the number of new address points added to the GeoDirectory and a fall in construction activity compared to the previous year.

“Residential property transactions have also declined across the country. Time will tell whether this is just a temporary stalling of supply and demand, or if it is evidence of a long-term change,” Mr Keogh concluded.

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