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Ireland 'Entire generation' risks being priced out as property cost continues to surge

16:55  10 may  2018
16:55  10 may  2018 Source:   independent.ie

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The surge in property prices has been labelled a threat to the economy, pushing home ownership out of the reach of many buyers. Stock photo: GETTY © Provided by Irish Independent The surge in property prices has been labelled a threat to the economy, pushing home ownership out of the reach of many buyers. Stock photo: GETTY Property prices continue to soar at double-digit percentage rates, rising at an even faster pace in March than in the previous month.

Prices outside of Dublin are also continuing to increase at a higher rate than in the capital.

Property prices at national level increased by 12.7pc in the year to March, according to the Central Statistics Office (CSO).

View of Dublin city skyline © Catalyst Images View of Dublin city skyline This compares with 12.5pc in the year to February, and was the fastest rate of growth since May 2015. The rise in the month of March was 0.8pc.

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Competition is putting downward pressure on pricing , particularly in the commercial property and liability lines. This surge in M&A activity is expected to continue in 2016, as acquirers As insurers move back into the homeowner market, they will be better equipped to understand and price risks .

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The surge in property prices has been labelled a threat to the economy, pushing home ownership out of the reach of many buyers.

Economists expect these double-digit percentage increases to continue in the coming months until supply of new homes improves.

In Dublin, residential property prices increased by 12.1pc in the year to March, the CSO said.

Resurgent Irish property market helps Cairn © Provided by The Press Association Resurgent Irish property market helps Cairn Residential property prices in the rest of Ireland, which excludes Dublin, were 13.4pc higher in the year to March.

The West region showed the greatest price growth, with house prices increasing 18pc.

The Border region showed the least price growth, with house prices increasing 8.8pc.

Overall, the national index is 21.6pc lower than its highest level in 2007.

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New year, new city, and one that continues to promise that the current surge in development won’t be as easily snuffed out as it has in the past. With a high number of tenants getting priced out of Class A space, many are turning their attention to Class B properties .

Figure 1. Costs of Sea Level Rise and Storm Surge to Coastal Property with and without Adaptation under the Reference Scenario. The step-wise nature of the graph is due to the fact that storm surge risks are evaluated every ten years, beginning in 2005.

The average price paid for a property across the country was €282,400. This is €25,400 more than was being paid for residential property a year ago.

Dublin city centre (Stock picture) © Provided by Irish Independent Dublin city centre (Stock picture) Brokers Ireland warned that unless supply of properties ramps up more quickly, a whole generation now in their late 20s and 30s may never be able to recover the financial loss of not being able to acquire a home at an affordable price.

KBC Bank economist Austin Hughes estimated that higher property prices have boosted the value of household wealth by €60bn in the year to March.

The Irish Congress of Trade Unions said there was now an urgent need for the Government to take a greater role in the provision of affordable homes.

Congress general secretary Patricia King said that Ireland was in the midst of a very real housing emergency.

"This crisis is doing untold damage to many lives and an entire generation of young workers now wonders if they will be able to afford suitable and secure accommodation," she said.

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Scam artist using Dubliner's pictures and drivers licence to rent unavailable properties .
A man whose picture and drivers licence is being used by a scam artist to lure tenants into renting unavailable properties has reported the matter to gardai.The scam artist was advertising a three-bedroom property in Wilfield Park, Dublin 4.

Source: http://uk.pressfrom.com/news/world/ireland/-256933-entire-generation-risks-being-priced-out-as-property-cost-continues-to-surge/

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