DUBLIN: The retreat of small landlords from the market is spreading to smaller towns, affecting the availability of rental properties, with hundreds of properties being put up for sale, according to reports. At the same time, it is noted that it has aided in the reduction of housing prices. Although it has helped to lower house prices, tenants are suffering from a lack of a place to live.
The departure of landlords was thought to be a phenomenon limited to Dublin, Cork, Galway, and Limerick, but it is now spreading to the inner cities. The shortage of rental housing used to be a problem only in Dublin, but now it is spreading elsewhere.
Even in Carlow, estate agents say more than half of rental properties have come on the market in less than a year. One-fifth of Tipperary’s rental houses are for sale!
According to a survey conducted by a media organisation, this is the situation in 64 regional property micro markets. This survey reveals a new housing market crisis.
The survey report says that the retreat of landlords is also a problem in regional towns outside the rent pressure zones.
The number of properties for sale increased by 30 to 50% in cities and towns, but only County Monaghan saw an increase in property buyers, according to the report.
Agents say that the sudden decline in house prices has been helped by the fact that rental houses have come up for sale.
Mortgage terms may be tightened.
According to reports, banks are also withdrawing other benefits provided to high-tech groups, including IT employees. This will also have an impact on housing prices.
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