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House prices forecast to rise by 5% as supply struggles to meet demand

Property prices are expected to rise by about 5 per cent this year as supply shortages, pent-up demand and pandemic savings continue to drive activity, according to a survey of estate agents.

The Society of Chartered Surveyors Ireland (SCSI) said 90 per cent of 189 estate agents surveyed in December expect property prices to increase this year, ranging from a 5 per cent advance in Dublin, Leinster and Munster to a 7 per cent increase in Connacht and Ulster.

The most significant factor affecting house price increases, they say, is “the lack of supply of new housing to the market to meet growing demand”.

The majority (80 per cent) of agents who expect prices to rise believe it is due to market factors, primarily the lack of supply of new and existing homes, while 13 per cent attributed it to economic factors.

Read the full details in the Irish Times

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