Irish housing market continues it’s growth

With no sign of stopping and high bids on homes in the Republic, there is no sign of the housing market slowing down - says Bank of Ireland.

The bank’s chief economist Dan McLaughlin says the Irish housing market will continue to grow strongly this year, with mortgage lending set to rise by €2 billion to €19 billion this year.

Issuing it’s quarterly property review, Bank of Ireland attributes the continuing strong demand in homes to employment growth, wage increases, low interest rates and low inflation rates.

Dan McLaughlin also said that supply is meeting demand, with the number of homes built this year due to match 2004’s levels. He describes this rate of house building relative to population as ‘unprecedented in the western world’.