Consumers predict house price rise
A recent survey has found that 70 per cent of Irish consumers expect house prices to rise over the next three years.
Only five per cent see prices being reasonably flat, whilst an additional 12 per cent said they expect prices to decrease.
It was most common that consumers expected the prices would rise by around four to five per cent – with average expectations being an increase of four per cent.
Not only this but the survey indicated that one in two Irish consumers expects Irish house prices to rise faster in the next three years than it has in the past three.
The share of Dublin respondents expected price increases along similar lines to what the national average did.
However, there was a higher expectation of property price increases in Connacht, Ulster and the border region. This is likely reflecting the strong recent price trends in these specific areas.
Additionally, there was many responses from consumers in the capital predicting price drops in upcoming years.
However, the significant finding from this survey is the difference in expectations depending on age group.
The younger participants, those aged between 25-34, were less likely to expect price increases. The number of individuals in this age group that expect prices to fall was twice the survey’s average.
In contrast, those aged over 66 and on higher incomes were more likely to suggest that prices will continue to rise.
At McMahon & Co., our aim is to provide our clients with comprehensive services addressing all aspects of personal or professional finances.
If you are considering buying a home or commercial property in the current climate, we advise that you seek expert advice in handling your finances.
To find out more, please contact our expert team today.