Wednesday 14th August, 2024                       

House Prices – IPAV Calls For Implementation Of Housing Commission Report

Commenting on today’s CSO House Price Index for June, IPAV, the Institute of Professional Auctioneers & Valuers, said agents are reporting continuing price rises since June, the period covered by today’s CSO Residential Property Price Index which is based on stamp duty returns and has a 44 day deadline for registration.

Pat Davitt, IPAV’s Chief Executive, said: “Strong price growth is being achieved throughout all regions, as we’re seeing in today’s index.”

And he said the concern for most agents, with few exceptions, was the lack of availability of properties, either new or second-hand but particularly in price brackets for those on average wages.

“Were it not for State schemes such as the Help-to-Buy and First Home Scheme the situation would be even more challenged,” he said.

 “Those on high salaries, of which there are many, and buyers who do not need mortgage finance are very prevalent in the market.”

 He said an insufficient level of new properties was having a direct impact on the availability of second-hand homes.

 “In a rising market with insufficient availability existing buyers who want to move are stalling either because they cannot find a suitable alternative property or because of a concern that they may get caught with rising prices between selling and buying.”

The latter calls for bridging finance which could be made available through Credit Unions, he said.

Mr Davitt also called for the recommendations of the recent Housing Commission report to be implemented urgently.

And he said it was to be hoped that by October’s Budget the Government would have a considered response to the report, and in particular, a structure for drawing together all elements of housing policy in order to effect the kind of changes needed.

Ends