
Wednesday 22nd January, 2025
House Prices – IPAV Warns Of Continuing House Price Rises Unless Supply Is Ramped Up
Commenting on the CSO Residential Property Price Index for November, IPAV, the Institute of Professional Auctioneers & Valuers, warned that unless there is a significant increase in supply house prices could rise a further 10% this year.
Pat Davitt IPAV’s Chief Executive said: “Agents are reporting strong prices with competing buyers in a limited market continuing to push beyond asking prices, particularly in high demand areas.
“That said there are locations where demand is lower and homes can still be bought for around the price of building them.
“But continuing increases of current levels are not sustainable over the longer term.
“Those of high incomes, cash buyers and State bodies are all competing for the scarce resource that is homes for sale,” he said.
Those on average wages have been largely squeezed out for several years at this stage. Many are now middle aged, he said.
“Unless we address the impediments to building more homes the future is looking worrisome for these people and for society as a whole.”
To that end, he said, everyone is hoping that the new Government will succeed in accelerating the supply of homes.
“We wish them well. It requires forensic focus on long standing impediments to building homes,” he concluded.
Ends