'Lack of transparency in bidding' - report highlights issues with Ireland's housing sales process

"The latest MyHome.ie and Bank of Ireland property report found that Ireland's "opaque" process for buying and selling homes is deterring buyers who are confused, frustrated and in limbo, with lengthy delays often the result of the lack of transparency. It found that two-in-five homes put on the market are being sold for 10pc or more above the original asking price and one-in-seven at 20pc above. There were 61,000 residential properties sold in 2024."

"This amounted to just 2.8pc of overall housing stock, meaning the average property is sold once every 50 years. This turnover rate was well below the UK's turnover rate of 3.6pc. Just 9,000 mortgages were drawn down by home movers in 2024, representing just 0.4pc of the country's housing stock, again, less than half that seen in the UK (0.9pc). Despite Irish homeowners emerging out of negative equity, the report said it is "striking" there has been little improvement in housing market liquidity."

"It states there is a "lack of transparency in bidding", with gaps between asking prices and final sale prices all contributing to "poor levels of housing liquidity". "In too many cases asking prices are not an optimal guide for homebuyers - adding to the time and effort required to buy or sell a home," the report found. "This emerging divergence between asking prices and final sold prices is contributing to an unclear picture for both would-be buyers and vendors.""

Ireland's home buying and selling process is opaque, deterring buyers through confusion, frustration and lengthy delays caused by lack of transparency. Two-in-five homes on the market are sold 10% or more above the original asking price, and one-in-seven sell 20% above. There were 61,000 residential property sales in 2024, representing 2.8% of housing stock, meaning the average property changes hands roughly once every 50 years. Mortgage drawdowns by home movers numbered just 9,000 (0.4% of stock). Turnover and mover activity remain well below comparable UK rates, and housing liquidity shows little improvement.

Read at Irish Independent