Commenting on the most recent CSO Residential Property Price Index for March IPAV, the Institute of Professional Auctioneers and Valuers, said the increase in prices and volume was “significant”.
Pat Davitt, IPAV Chief Executive said given that these prices are for March and based on Revenue Stamp Duty returns, which have a 44 day submission deadline, the current uplift in prices could be closer to five percent and rising.
“Members report that coastal properties could be up by as much as 15 percent, with strong demand coming out of the pandemic for non-urban properties, arising from new working arrangements.
“While overall Dublin prices are 20.1 percent below peak and 17.3 percent elsewhere it is imperative now to ensure that prices do not continue to spiral upwards further beyond the reach of first-time buyers in particular.
“The Government’s planned response needs to be comprehensive, not piecemeal.
“We need to see supply ramped up so that the market develops in a sustainable way and avoids volatility,” Mr Davitt stated.
He said the Housing Commission promised in the Programme for Government needs to be set up urgently and involve all stakeholders in the housing market.