Estate agents expect house prices to increase by 5% over the next 12 months

A couple with a joint income of €107,000 does not earn enough to buy average three-bed home in four of the five counties studied

A report from the Society of Chartered Surveyors Ireland found than 70% of estate agents are reporting low supply levels with over half, 51%, citing low supply as the main drive of price inflation.

Estate agents across the country expect national property prices to increase by a further 5% over the next 12 months as the chronically low supply of new and second-hand homes leads to levels of price hikes that are “just not sustainable”, a new report has found.

According to the residential mid-year market monitor of the Society of Chartered Surveyors Ireland (SCSI), 70% of estate agents are reporting low supply levels, with over half (51%) citing low supply as the main driver of price inflation.