Estate agents forecast Irish house prices will rise 6% this year

Society of Chartered Surveyors Ireland says undersupply of homes will remain the dominant issue until annual completions exceed 40,000

A year ago, 40% of agents identified the lack of supply as the main issue affecting price movements, now that number is around 60%.

Estate agents are forecasting a 6% rise in residential property prices this year, up from a 4.5% forecast last summer.

The Society of Chartered Surveyors Ireland (SCSI) published its annual review and outlook today, which saw three out of four agents reporting low stock levels and 60% saying that the lack of supply is the main driver of price inflation.