Housing supply must increase as prices exceed pre-crash peak, banking lobby warns

Lack of housing supply is the driving factor in climbing house prices, which continue in the Irish market.  Picture: Rui Vieira/PA

Housing supply has “improved significantly” so far this year, but amid a slowdown in property commencements it is “critical” this continues in order to tackle price increases, a new report has claimed.

House prices will likely exceed the levels observed at the previous peak of the market in April 2007, the report from the Banking and Payments Federation Ireland (BPFI) said.