Affordability gap for 3-bed semi home 'widens to €25,000'

Micheál Mahon, the new president of the Society of Chartered Surveyors Ireland said the housing crisis will continue "until the critical balance between affordability for consumers and viability for developers is addressed." Picture: File picture

The cost of building a three-bedroom private home in the Dublin area has climbed 12% in the past four years to €371,000, widening the affordability gap for buyers and meaning the Government will find it difficult to build the number of houses it wants to solve the housing crisis, according to the Society of Chartered Surveyors Ireland.

The industry group said the increase in "hard costs", which involve building out sites such as drainage, water connections, and paving, have driven the overall increase, which it attributes to new regulations and labour costs.