An overview of the Irish housing market

Gerard Kennedy and Samantha Myers
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Gerard Kennedy: Central Bank of Ireland
Samantha Myers: Central Bank of Ireland

No 16/FS/19, Financial Stability Notes from Central Bank of Ireland

Abstract: Over the past five years, the cost of housing services has risen faster than incomes. It appears that the supply of housing has shifted since the crisis, leading to lower quantities being produced at any given price. There is no single element that is identifiable as the primary driver of this supply shift, however it appears that it may, at least partially, be due to the direct and indirect costs of construction. As a result of the muted supply response and strong growth in demand the gap between total demand and the size of the current housing stock has risen. Rent-to-income and house price-to-income ratios have increased as a result, both in absolute terms and relative to other markets, impacting the ability of individuals to save to purchase a home. More work is needed to determine the underlying causes of the supply shift.

Date: 2019-11
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