An annual Residential review has revealed that new homes are only affordable to those on average incomes in counties Meath, Cork and Galway.
That's according to the Society of Chartered Surveyors Ireland (SCSI) which says housing output will have to increase by 8% per annum if 'Housing for All' targets are to be hit by 2030.
Residential property prices are expected to increase by an average of 2% this year. Chair of the SCSI’s Practice and Policy Committee, John O'Sullivan, said house price inflation will stabilise in 2023.
"It's not viable in the long term that property prices increase year-on-year by 10% or more. There has to come a point where there is stability and stability is probably good for the market place.
"Our report is expecting a 2% price increase in 2023 and 1% of that will be in the first quarter," he added.
