People hoping that residential property prices would fall significantly in 2023 are likely to be disappointed, a mortgage expert has said.
The most recent CSO statistics revealed residential property prices rose by 8.6 per cent in the 12 months to November 2022. However, price growth is slowing, said Association of Irish Mortgage Advisors chairman Trevor Grant.
“Logic suggests that prices increase when demand exceeds supply and fall when supply exceeds demand – but this does not hold true in this particular instance,” said Mr Grant. “Whilst supply is currently improving with a greater number of new builds for completion achieved and more houses coming onto the second-hand market, regretfully, demand still comfortably exceeds supply.
