High interest rates are leading some landlords in West Cork to sell their properties which could in turn result in more pressure on the region's rental sector.
That’s according to Clonakilty estate agent Martin Kelleher who says while people are continuing to explore a move to the area, demand is lower than during the pandemic due to the increased cost of borrowing.
The region experienced a renewed interest from home buyers and renters following the introduction of working from home and hybrid working, which led to an increase in house prices.
West Cork is experiencing a housing shortage in line with the rest of the country, with high finance costs and the increasing cost of labour and materials meaning developers are less likely to build the homes needed.
Speaking to RedFM News, estate agent Martin Kelleher says prices in West Cork have increased a large amount over the past few years.
"particularly for family homes because there's an acute shortage of family homes and a lot of families moving to the area.
"That's one area that's really gone up. The likes of the smaller houses especially ones that need work, haven't gone up as much as we say, that family home bracket.
"Now we find from the interest rates rises it has dampened off some of that demand, to a more normal level I find that the moment."
