Lack of supply ups property prices

There has been an increase of more than 40% in the value of mortgages granted in the third quarter of the year, while the number and value of property transactions in Dublin have soared.

Both the Irish Banking Federation and PricewaterhouseCoopers and Myhome.ie surveys highlight a shortage of supply as the factor pushing up prices.

The Irish Banking Federation and PwC’s quarterly report into new mortgage lending found that there was a 38.8% increase in the value of mortgages drawn down in the third quarter of this year compared to the second.