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Probate Office delays ‘hit housing supply’

Estate agent Lisney has said that continuing delays in the Probate Office will affect the housing market this year.

In its Outlook 2024, the firm says that a grant of probate is taking 22 weeks from lodging.

It states that the delays are causing concern for buyers, and that many will be reluctant to engage with properties when they have no certainty on when a sale could close.

“This is also the category of housing that generally requires most refurbishment works, which is another blow to demand and pricing for such homes,” the report says.

Stable

Lisney points out that probate sales are making up at least one-third of supply at the moment, adding that the delays will further affect supply levels this year.

The 2024 outlook says that residential-property prices are likely to remain stable in 2024, with buyers more price-sensitive and cautious due to higher interest rates.

Head of research Aoife Brennan writes that the greatest impediments in the housing market remain “the chronic lack of supply and legal delays in completing transactions”.

The report expects that some further supply this year will come from former rental homes “as private landlords sell up and exit the market in even larger numbers”.

Lisney believes that Budget 2024 measures will not be enough to keep most small-scale investors in the market, adding that there is “a fear” of what further measures could be introduced by a future Government.