Home prices to keep rising for up to 7 years as supply drives market

There is no early end in sight to house price increases and it will take “the next five, six, seven years” for new supply to come anywhere near to meeting pent-up demand, the Economic and Social Research Institute warns.

The caution comes as the latest figures from the Central Statistics Office show that property prices have risen by more than 70% in less than five years.

The thinktank’s housing assessment came on the same day that the Central Bank’s deputy head, Sharon Donnery, separately warned about households taking on more debt, saying that forecasts for further house price increases have increased, while rents have already climbed above levels before the 2008 property crash.