Bank predicts further slowdown in house prices

Bank of Ireland has predicted the era of double-digit house price rises in Ireland is over.

In its latest quarterly property review, the bank said a record 75,000 new housing units would be completed this year, mainly due a surge in the construction of apartments.

Economist Dan McLaughlin, who wrote the review, said supply was finally catching up with demand and this should, in turn, lead to a slowdown in price increases.

Mr Laughlin said he still expected house prices to increase by around 6% this year, but predicted the era of double-digit increases had come to an end.