Demand still outstripping supply

SHORTAGE of supply of secondhand and new homes in Cork city’s western suburbs is continuing to drive up prices.

Forecasts for price inflation for houses in Cork are put at 10%. But already in February this level of inflation can be seen in some second hand sales, and strong price hikes in new stock, as well as in a few well-located city suburban schemes.

The strong prices may tempt a number of intending vendors to go to the market before a surge in supply later in spring, hoping to capitalise on lack of choice and head-to- head bidding, suggests Dennis Guerin, director of Frank V Murphy and Co estate agents.