Could the Swedish house price plunge hold lessons for Ireland?
There are a number of factors that will continue to support strong prices in 2023. These include ongoing supply issues, as well as greater access to finance - from the start of this month, potential homebuyers have been able to potentially increase their budget, given a relaxation in the rules which govern how much people can borrow to buy a home.
This has had a severe impact on house prices; in January, state-owned lender SBAB said house prices were down by 19 per cent from their spring 2022 peak. The country also has very high personal debt, at 203 per cent of net disposable income in 2021, according to the Organisation for Economic Co-operation and Development . Contrast this with the Republic, where household liabilities shrunk following the financial crisis. Figures from the Central Bank show that household debt, as a percentage of household disposable income, stood at 100 per cent in the third quarter of 2021 — an all-time series low.
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