House Prices – Several Factors Pushing Prices Upwards - IPAV

Monday 24th June 2024

House Prices – Several Factors Pushing Prices Upwards - IPAV

Commenting on today’s House Price Report for Q2 2024, IPAV, the Institute of Professional Auctioneers & Valuers, said the shortage of supply continues to push prices upwards.

Pat Davitt, IPAV’s Chief Executive, said, however, the figures don’t take account of properties being sold offline, which is a growing phenomenon.

“And demand is extremely strong for properties on which buyers do not need mortgage finance,” he said.

“This is pushing prices upwards and making it even more difficult for first-time buyers, many of whom are now dependent upon State supports such as the Help-to- Buy and First Home Schemes to achieve home ownership.”

He said many would-be sellers are not putting their properties on the market because of the fear of getting caught in a rising market and being unable to find a suitable property, and more latterly rising interest rates.

And he said incentives to restore vacant and derelict properties are helpful “even if the Government needs to tweak the schemes to make them more user friendly and accessible.”

However, he said the housing market while improving in a number of respects, needs a “major shift of gear” to take account of rapidly changing demographics.

“The route to delivering that was identified in last month’s Housing Commission report.

“We look forward in hope to seeing the Government’s considered response to the important report,” he said.