Wednesday 16th October, 2024
House Prices – Supply Shortage Chronic - IPAV
Commenting on today’s CSO House Price Index for August, IPAV, the Institute of Professional Auctioneers & Valuers, noted 12 of the twenty market segments in the index are now in double digit growth and called once more for implementation of the Housing Commission recommendations.
Pat Davitt IPAV’s Chief Executive said one of the main issues agents are finding is the lack of properties available for sale, and for rent.
“The situation is chronic. The squeeze also has the double whammy that many intended sellers keen to find an alternative home are holding off out of concern that either they may not find a suitable property or that they may get caught with increasing prices,” he said.
And he said the situation is pushing aspiring buyers “further into the ever widening commuter belt.”
Mr Davitt said the Help-to-Buy and the First Home schemes are very successful but should be extended to include second-hand homes.
“But, much more that that is needed to address the magnitude of the problem, such as implementation of the Housing Commission recommendations,” he said.
“It is crucial that this happens because, as we’re seeing, this is adversely impacting individuals and families but increasingly, unless addressed, it is also likely to impact future economic growth.”
ENDS