Irish property prices boosted by weak supply

Weak supply is boosting Irish property prices, according to a new report.

The latest KBC homebuyer survey also claims that 'pent-up' demand for houses is driving up costs.

The research says only half of Irish consumers are entirely content with their current circumstances while another fifth are not in a position to contemplate home-buying.

Chief economist at KBC, Austin Hughes, says buyers are feeling better about the economy.

"Undoubtedly weak supply is driving up prices," he said.

"But so too is a pick up in demand, people held away from the housing market because they were concerned about their jobs, because they were concerned about the broader economy.

"Because they found credit harder to get and now they feel more confident about the economy."