Commenting on this week's CSO Residential Property Price Index for August, IPAV, the Institute of Professional Auctioneers & Valuers, said prices have stabilised.
Pat Davitt, IPAV’s Chief Executive, said the figures continue the trend of IPAV’s own property price barometer of prices actually achieved by agents which found an overall increase of 2.05 percent in the first six months of 2023, compared with 2.44 percent in the previous six months.
“Rapidly rising interest rates are having an effect bit it is marginal. Apart from the Help-to-Buy and the First Home scheme many aspiring buyers have found themselves already locked out of the market and chasing a moving target, especially now with increased interest rates," Mr Davitt stated.
He said the current market favours the better off and those who don’t need mortgages.
“If we succeed in improving housing supply the market will continue to stabilise and it will create more momentum in the second-hand market, as well as taking pressure off the rental market.
“While there are some positive signs the challenge remains huge with planning issues being amongst the most problematic and stubborn,” he concluded.
