IRELAND: "House prices to fall by 10%, but house hunting won't get any easier," predicts leading property expert

Indians Daily 📧: newsindiansdaily@gmail.com October 05, 2022 0

A leading property expert has predicted that Ireland's house prices will fall by 10% over the next year and a half. The health of Ireland's housing system will ultimately be measured by how well supply responds to demand". Therefore, he warned that falling house prices will not make the hunt for a home any easier, as supply will continue to be a bottleneck.

The latest Daft.ie house price report released shows long-awaited stability in house prices. The average listed price nationwide in the third quarter of 2022 was €311,514 - up 0.1% on the average in the second quarter of the year.

Prices are expected to ease in the coming months, however, if low supply continues to be a problem, the growing number of home owners will still find it difficult to own a property. "Couples or households trying to find a home have an individual problem. If they have savings, it might make their situation easier if house prices come down. Its think they're likely to come down in the next 18 months - not a lot, maybe 10%. But that doesn't solve the collective problem that there are more people than there are houses. "Whatever the price, it doesn't change the calculation between people and their homes," he said.

The Daft.ie report showed the number of homes available to buy on September 1 was around 15,500 - a 22% increase on the same date last year and the highest wholesale price in two years. .

This year, if 25,000 new homes are completed in Ireland - the most optimistic forecasts for next year are to match this. But according to SCSI's latest figures, construction costs have increased by nearly 15% in a year.

Rising interest rates and the rising cost of living will continue to put pressure on homebuyers. Banks are tightening mortgage lending rules, reducing the amount people can borrow to 2.5 times their income - below the central bank's maximum of 3.5 times.

Housing Minister Darragh O'Brien revealed last week that more than 1,000 applications had been submitted for the Government's First Home Scheme, which was launched two months ago to help first-time property buyers.

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