Easing of house price growth may be offset by soaring building costs

Signs of a cooling in the market may be undone by the continued rise in the cost of labour and materials
Easing of house price growth may be offset by soaring building costs

Just under 7,000 housing units began construction in the first three months of this year, 143% more than in the first quarter of Q1 2021. File Picture: Denis Minihane

The increasing supply of new homes may be easing the growth in prices but this could be offset by the continued rise in the cost of construction materials, Ireland's banking industry has warned.

While property prices nationally have more than doubled from their low in early 2013, the latest Housing Market Monitor by Banking & Payments Federation Ireland (BPFI) shows that the rate of increase in the average price of a home has been declining on a monthly basis since the middle of last year.

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