IIB Bank predicts house price rises of 8% this year

IIB Bank has predicted that the relentless increase in Irish house prices will continue unabated this year.

In a report today, the bank predicted price rises of around 8% in 2006 due to ongoing high demand for residential property.

IIB said this demand would be driven by the ongoing health of the economy, high levels of employment, immigration and the imminent maturing of SSIA savings.