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

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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Irish property market likely to slow down with house prices overvalued by 7%, ESRI saysCost-of-living squeeze and higher interest rates likely to cool market, says think tank, but too early to say if prices will fall IrishTimes House prices in Ireland are overvalued by far more than 7% 🙄
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Irish property market set to slow down with house prices overvalued by 7%, ESRI saysCost-of-living squeeze and higher interest rates likely to cool the market, says think tank, but too early to say if prices will fall I think it's overvalued by about 25%. Rents are overcharged by about 40%. The housing racket of FFG is all very dodge. They are over valued by 55%. Shite..my house value only just recovered
Source: IrishTimes - 🏆 3. / 98 Read more »