As we know from recent reports, Irish house prices are again very much on the rise. According to the CSO, prices increased nationally by 14.4% last year, which is just 4% shy of the peak of the Celtic Tiger housing bubble in 2007. With prices now rising at a speed not seen in almost seven years, housing lecturer at TU Dublin Lorcan Sirr joined the Today With Claire Byrne show on RTÉ Radio 1 to talk about why so few new houses are coming up for sale. .
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences "Now, we can park the social housing because we need social housing, but there's an awful lot of housing coming out there that's not coming to estate agent windows. Despite the overall output increasing by 43%, the number of houses available to buy every year has stayed the same. so that is creating increasing competition for housing because the number of houses isn't increasing, but the demand is increasing.
From RTÉ Radio 1's Saturday with Katie Hannon, Pat Farrell from Irish Institutional Property on housing supply and bulk-buying by investors "That's contrary to good planning because a lot of those people will buy a diesel car and drive into work and then our emissions targets are out the window, and so on and so forth. I don't think that allowing people to borrow more is the solution because what invariably happens is that prices rise. The interesting thing is going to be this year, if wage inflation goes up, that means house prices are going to go up.