Analysis: House oversupply set to continue

ON census night, there were 1,994,845 housing units in the State — up 12.72% from 2006, when there were 1,769,613. Some 1,649,408 of these units were occupied by the usual resident.

Of the remainder, 289,451 were vacant, 45,283 were empty on the night of the census but usually occupied, and 10,703 were occupied by guests. Of the vacant stock, 59,395 were classed as holiday homes.

The overall vacancy rate, including holiday homes, is 14.5%. If holiday homes are excluded, the vacancy rate drops to 11.53%. In a properly functioning housing market there are always some houses vacant. This is known as base vacancy.