The lack of supply in the housing market in Ireland has led to rising house prices, with homes typically selling for 4% above their asking price. The number of homes listed for sale is at a record low, leading to a bidding battle among buyers.
There is a group of better-off buyers who have the financial firepower necessary to pay higher prices, but many do notSimon Harris, who is set to be elected taoiseach Tuesday, made a point in his weekend speech to the Fine Gael Ardfheis of focusing on the housing issue.over five years is illustrative of the kind of housing “auction” we will see during the general election campaign. Just how such targets might be achieved is the question.The key factor behind the price rise is the lack of supply.
While these prices are moving houses out of the reach of many, the report says that there is a group of better-off buyers, benefiting from significant wage increases over the last couple of years, who have the financial firepower necessary. This is the nature of the challenge facing Harris, or whoever sits in the taoiseach’s chair. It encompasses all the interacting threads familiar now in the housing debate, ranging from the homelessness crisis to the shortage of social and affordable housing to the lack of smaller homes appropriate for a changing population. And a rental crisis which shows little sign of abating and where the risk is that short-term “fixes” actually hit long-term supply.
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