Ask the experts: By how much do you think house prices might rise (or fall) in 2018?
It is likely that property prices will rise by 5pc-7pc in 2018 based on a new trend we have noted on the DNG House Price Gauge. An increase in the supply of new homes, especially in Dublin, coupled with a continuation and recent tightening of Central Bank regulations for mortgage lending will overall ensure a tempering in house prices in the year ahead. This is good news for the market, as double-digit price growth is not sustainable.
Keith Lowe is CEO of Douglas Newman Good (DNG), a national estate agency network which has 75 branches throughout the country, including franchises. He has 33 years’ experience in the sector, having joined the firm in 1984.
I expect Irish house prices to expand by approximately 6-8pc in 2018. This is as a direct result of the demand/supply imbalance, which will continue to exist. In particular, I expect price growth in the opening months of 2018 to be particularly strong, given the uniquely restricted supply of available properties for homeowners and the increasing availability of mortgages.
Michael Grehan is MD of the Sherry FitzGerald estate agency group, which has a 66-branch-strong network, including franchises. He has more than 28 years’ experience in the property sector.
There is still little stock in the market, with only a small number of large builders developing, and controlling the prices. Potential buyers have been let down by policy makers who did not make money available to smaller builders when prices were much lower over the last four to five years. We are now in a situation where wages are rising and mortgages follow, so prices will continue to rise. I would not be surprised if we saw some Dublin prices move up by 15pc-20pc. Prices will also move up outside Dublin but they are generally much lower, so any comparison will be meaningless.
Pat Davitt is the CEO of the Institute of Professional Auctioneers and Valuers (IPAV). He has more than 35 years’ experience in the sector, spending much of it running a family-based auctioneering firm in Mullingar.
We will most likely see another double-digit price increase in 2018, mainly due to the demand pressure from buyers with too few choices.
Áine Myler is the director general of the Society of Chartered Surveyors Ireland (SCSI). She holds a master’s degree in planning and development economics, and has worked in estate agency for 26 years and in later years as a consultant.
We anticipate growth, particularly in the FTB sector. Mortgage restrictions will dictate price limits at the affordable end.
Darina Collins is a director and founding member of the Real Estate Alliance (REA), a partnership of more than 50 estate agency firms nationwide. She is also a partner in REA O’Brien Collins, the Drogheda-based estate agency.