Surveyors predict house prices in Munster will rise 7% over the next 12 months

Warning about acute shortages of places to live, the profession is appealing to Government to borrow and invest in housebuilding

Chartered surveyors say that Ireland needs 400,000 new homes to be built over the next decade. Picture: Mark Stedman

House prices in Munster will rise 7% in the next 12 months, slightly higher than the State-wide average, but almost double the 4% increase in Dublin, according to an authoritative survey of estate agents by surveyors. 

The Society of Chartered Surveyors Ireland also said that a 7% hike on a home costing €200,000 in Munster will mean a buyer will pay €14,000 more, while a 4% rise on a €400,000 home in Dublin will be €16,000 more expensive.