Wednesday 17th July, 2024                            

House Prices – We Must Not Forget Squeezed Middle Says IPAV

Commenting on today’s CSO House Price Index for May, IPAV, the Institute of Professional Auctioneers & Valuers, said that prices are likely to have risen further since May, 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: “The shortage of supply continues to push up prices along with the prevalence of buyers not requiring mortgages, and it is also the case that many buyers, particularly in urban areas are on very good salaries.”

He said it would be wrong to lay blame for continuously rising prices at the door of any of these cohorts of the market.

“Rather the Government needs to ensure more homes are built and the needs of those on average incomes are catered for. They have been the real losers in the equation, and the danger is that if they cannot achieve their ambitions for home ownership they will feel disgruntled and it can make certain careers less appealing,” he said.  “That is not good for society.”

He said the recommendations of the recent Housing Commission report need 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