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The Galway property market continues to face a significant shortage of supply, particularly affecting first-time buyers looking for homes in the city. Local estate agent Deirdre D’Arcy of DNG Maxwell, Heaslip & Leonard has seen first-hand the challenges currently facing prospective homeowners. The growing demand for housing in Galway, combined with limited supply, has created a competitive environment, particularly for first-time entrants into the market. “The lack of available properties in the city is placing significant pressure on first-time buyers, many of whom are struggling to find the right home within their budget,” she says.
As approved buyers rush to purchase, a shortage of stock is leading to increased competition and higher prices. “Approved buyers are ready to buy, but the limited choice in the market is pushing up prices, making it increasingly difficult for them to find a property that meets their needs,” Ms Darcy commented. “There is no doubt that rising mortgage rates are also a significant factor affecting house prices at the moment, both in terms of individual buyers’ repayment capacity and the increase in development finance costs, which increases the cost of building each new home.”
“I kept seeing the same potential buyers at multiple showings, and for some people this went on for a long time, causing them stress, anxiety and frustration,” she added. “They had done everything right, had saved for a deposit, had a mortgage approved, they just needed to find the right home.”
Despite these challenges, Darcy remains optimistic about the resilience of the Galway housing market and stresses the importance of taking proactive steps to address supply shortages. “Policymakers and stakeholders must work together to incentivise the development of new housing stock and create more opportunities for first-time buyers to enter the market,” she explains. “While the expansion of the Enhanced Help to Buy and First Home Schemes are certainly steps in the right direction, they require a substantial increase in new home supply to be effective in achieving any significant change.”
As demand for housing in Galway continues to outstrip supply, Deirdre D’Arcy encourages potential buyers to stay informed, be patient and work closely with experienced property professionals to successfully navigate the competitive market. The recent move by many landlords to exit the rental market has also led to an increase in the supply of second-hand properties, which combined with the ongoing trend towards apartment living, makes for a promising outlook. “Whether you are a buyer seeking advice or an owner considering selling, please feel free to contact me at the number or email below, I will be happy to help in any way I can,” she added.
Please contact Deirdre D’Arcy, DNG Maxwell, Heaslip & Leonard (PSL No. 001356) or any of the residential sales team on 091 565261/083 1098828 or email (email protected).
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