IPAV predict slowing pace of house prices for final quarter

Commenting on the CSO Residential Property Price Index for September, the IPAV said double-digit growth across 17 of the 20 market cohorts captured is likely to abate in the final quarter of the year.

Pat Davitt, chief executive, said: “Auctioneers are reporting that the frenetic activity of the summer has abated over recent months. This would not yet be evident in the CSO figures since it tracks stamp duty returns which have a 44 day submission deadline.”

He predicted that year-end prices are likely to reflect overall growth of 10pc. “Given the scarcity of supply, we are likely to continue to see increases for the foreseeable future. We need to see affordability addressed. The government tax take on housing is too high.”

Mr Davitt said issues with planning, taxation, the supply of services are delaying the delivery of housing and increasing the cost of delivery.

There needs to be a fundamental re-appraisal of these issues to address the supply side problems in the market, he said.