House prices are continuing to rise and while supply is increasing many are still locked out of the market
House sales signs in Glasnevin, as figures show that house prices are now higher than they were during the Celtic Tiger years. If the next Taoiseach – which may well be Simon Harris if he gets voted into office by the Dáil – were in any doubt about the depth of the housing problems facing the State,, with a 5.4 per cent annual rate of increase in January, up from 4.1 per cent in December. Prices rose faster outside Dublin than in the capital.
As prices rise, existing homeowners gain, including those who bought in recent years on relatively high loan to value ratios. However, potential new buyers will be looking on nervously.Those availing of the First Home Scheme, in particular, need to consider how this scheme works in the longer term and the implications for their finances were house prices to fall back.
This will continue – and so it should – but it is vital that it delivers for the public. The politically most difficult issue is that housing policy can only achieve results in the longer term. We have seen that it takes some time to ramp up house building and further increases will be necessary, given the increasing population. Whoever is in power will face the issue of high building costs and a shortage of skilled labour.
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