House prices to rise for up to 10 years – property report

House prices are shooting up by €2,000 a month and are now almost 12pc higher than they were a year ago.

Property price rises in Dublin are back outpacing the rest of the country, according to the latest report from property website Daft.ie, and it warned that prices will continue to rise for the next five to 10 years unless drastic action is taken.

The surge in prices is tempting more people to sell, with the number of properties being listed for sale continuing to rise.

More than 6,000 properties were listed for sale in May, the highest monthly total since the middle of 2008.

But it is nowhere near enough to meet demand, housing experts said.

The latest evidence of the ongoing surge in prices comes as the Government said it is reviewing the help-to-buy scheme, a move that prompted fears of a rush to buy in the coming months.

The national average list price during the second quarter of the year was €240,000,

This was 11.7pc higher than a year previously.

Prices are rising at a rate of €2,000 a month nationally, Daft.ie said.

For the April to June period there was a rise of 4.3pc in prices, which matched the rise in the first quarter.

https://www.independent.ie/business/personal-finance/property-mortgages/house-prices-to-rise-for-up-to-10-years-property-report-35880338.html