The rise in house prices is partly due to a “problem of success” in Ireland’s economy, according to the author of the MyHome.ie report.
The surge in house prices this year is partly a “problem of success” in Ireland’s economy, according to the author of the latest MyHome Property Price report.The median asking price for a home in Ireland is now €340,000 – meaning price inflation is now running at 6.5%.The report also shows renewed momentum in Dublin, where property price inflation is now running at 7.2%.
“With the lack of homes out there, people are competing against each other,” he said. “They’re just pushing the prices up.“We haven't met that number for at least 10 to 15 years at this point and year in, year out, demand has increased. “We see that in terms of people still living at home with their parents with other people kind of packing into apartments with people they’re not related .”
The Bank of Ireland Chief Economist said we need to build a further 250,000 houses by 2030 to meet demand. He pointed out, however, this would only lead to asking prices increasing at a “modest rate” rather than dropping, since it is quite rare to see house prices drop.Number of children caught committing sexual offences doubles – 'Phones are a very big problem'
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