'Demand is fierce': Homes being sold for 20% over asking price amid 'intense competition'

Report also notes the number of homes built in 2024 will likely be about the 33,000 mark, which is well short of the 'almost 40,000' that had been touted by the Government.

Almost 15% of homes are being sold for 20% over the asking price, as buyers face “intense competition” in an exceptionally tight market to secure a property of their own.

The latest quarterly house price report for MyHome.ie, released on Thursday morning, says rising levels of homeowner debt along with falling interest rates are set to continue driving bidding wars in the market and put more upward pressure on house prices this year.