Property market headed for ‘perfect storm’ of rising costs and flattening or falling prices

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Experts and estate agents give their verdict on ESRI’s latest assessment of Irish market and whether house prices are 7 per cent overvalued

DNG chief executive Keith Lowe said it was noteworthy that the ESRI did not suggest that because prices were overvalued “there will be a correction in property prices”.

“We also agree with the ESRI that property price inflation is moderating due to factors such as increasing supply, interest rate increases, inflation impacting on real incomes and the unwinding of the additional savings and wealth, some of which undoubtedly found its way into the residential property market over the last two years,” he said. Mr Lowe said he expected house price inflation to drop to 5 per cent to 7 per cent this year, falling to in or around 2 per cent in 2023.

She played down the prospect of a house price correction. “I would expect this trend to persist in the fourth quarter and into 2023 but remain confident that the overall imbalance between demand and supply will underwrite the stability of prices overall,” Ms Finnegan said.

 

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