ESRI researchers say housing market in Ireland will continue to fluctuate

Research report, including ESRI, indicates that the housing market in Ireland will continue to fluctuate. Experts say housing shortages, inflation, rising and slowing rates are likely to accompany the market.

Almost all sectors are on the verge of collapse because of Covid crisis, that includes the housing sector too.

Many people lost their jobs because of Covid and a good number of employees came to PUP.

The government has announced stimulus packages in many sectors and there has been a temporary slowdown in the housing market.

Everyone thought that there will be no one to buy houses and the price will go down. But nothing happened.

Not only has there been no significant change in the housing market, but housing prices have also risen. Myhome says prices have risen by up to 5% nationally.

Reports suggest that the Irish housing market will light up again in the coming weeks.

Research from the Economic and Social Research Institute predicts that housing supply will decline in the future due to delays in building construction due to lockdowns and difficulties in securing development finance from banks.

Housing demand will increase once the pandemic ends, the report said.

According to the MyHome.ie price survey there has been an unexpected increase nationally. This indicates that Covid-19 has not greatly affected the market demand.

This is because most buyers sit at home and work during the lockdown, so Covid does not significantly affect their income.

The middle class tenants who used to work in shops and restaurants have switched to pandemic unemployment payments and will continue to be tenants.

All this means that the housing crisis will always be a political issue here. Both reports make it clear that the long-desired balance and stability of the Irish housing market is far from over.

At the same time, there are reports of evictions of tenants and a section of landlords from European countries leaving Ireland.

However, there are allegations that the government is creating a favorable environment for developers by squandering government benefits.

Sinn Fin alleges that the government is extending the deadline for providing the Help to Buy scheme, lowering interest rates and facilitating the sale of homes currently being built on the market.