With year-on year property price inflation climbing above 15 per cent for the first time in seven years, according to data from the Central Statistics Office published this week, the housing market is heating up.
But has it reached boiling point and, if it has, will that boiling point see people being burned again? Writing in The Irish Times this week, Economics Correspondent Eoin Burke Kennedy pointed out that the property cycle has “three distinct phases: boom, slump, recovery” and he suggested that Ireland was about to enter a “slump phase”.
He pointed to “clear signs” that the Covid-induced price surge has reached a tipping point with higher living costs and higher interest rates now likely to act as a restraint on buyers.
How? Number of properties for sale: ⁃Greater London 82 000 ⁃Greater Dublin 3 400 ⁃Ireland Total 10 000