House prices

House prices are expected to continue to rise in 2022 amid a shortage of supply

Estate agents have reported that a lack of new market actions is pushing up house prices in Dublin.

According to The Sunday Times, The Dublin House Price Index predicts that house prices will increase on average by almost 6% in 2022.

The most desirable areas for those looking to buy a home are Ranelagh, Ballsbridge and Rathmines. Meanwhile, more affordable housing is currently available in Neilstown, Ballymun, Tallaght and Darndale.

Last year, the most expensive three-bedroom house was sold in Ranelagh, County Dublin, for more than a million euros. Meanwhile, the most affordable house was sold in Neilstown for € 200,000.

According to a Dublin real estate agent, there were an average of 20 to 25 offers per house.

Speaking to Newstalk, Institute of Professional Auctioneers and Appraisers CEO Pat Davitt said many offers can create challenges for agents.

“The more offers there are, the harder it is for an agent to ensure that they have qualified the purchase, so that the buyer can actually buy the property when the hammer falls,” Davitt explained. .

Earlier this month, the / Davy Q4 2021 property price report detailed a record low of just 11,300 homes listed.

“Right to housing”

According to People Before Profit TD Paul Murphy, starting a state-owned construction company and stopping land hoarding are two solutions to the housing crisis.

Talk to News, Mr Murphy said major changes are needed in current policy to deal with the situation

“The whole housing crisis is completely interconnected and its root is a prioritization-based system benefiting developers, large construction companies and homeowners,” Murphy said.

“We therefore need a housing policy that is rather rooted in granting people the right to housing.

“Home prices are out of control… they are out of reach for the vast majority of people with ordinary jobs, even fairly well paying ones.

“And this is one aspect of the housing crisis that now sees more than half a million young people stuck in their family homes when they would rather be either renting or buying somewhere.”