Property prices will increase by at least 5% across the country over the next 12 months.
That’s the prediction of the Society of Chartered Surveyors Ireland (SCSI) in its 2025 mid year report.
This is a drop of 1% from the 6% housing price hike predicted last January.
The SCSI said 60% of estate agents believe house prices while currently increasing, they will level off soon.
A further 18% think prices have peaked while 70% of estate agents are reporting low stock levels sale.
House prices in Louth and Meath have been on an upward curve in recent years with more and more people unable to afford to buy in Dublin, moving to the north east.
New houses in Drogheda are currently priced from €375,000 to €475,000 depending what size and which new estate.
The average cost of a second hand home is around €290,000 – €300,000 still way cheaper than the capital.
The report also noted that two other counties Kildare and Wicklow are starting to outprice themselves out of the market for average working people seeking their first home.
The SCSI reported that over half of all estate agents in the country say the key factor affecting house prices in the next 12 months will be supply or the lack of it.
Eight eight per cent of estate agents also believe house prices are far too expensive.
Gerard O’Toole ,President of the SCSI said:” fifty One per cent of agents in our survey cite lack of supply as the main factor driving price inflation.
“Over the past five years more than half of agents have consistently highlighted low stock levels sale, stressing the constrained supply remains a fundamental issue impacting the market.
” With the ESRI forecasting that 37,000 new homes will be built this year, well short of the Government’s target of 41,000, the urgent need to address infrastructural shortcomings and for the Housing Activation Office to become fully operational as soon as possible, cannot be overstated.”
