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New reports suggest house prices in Ireland will fall by up to 2%

DUBLIN: Despite rising construction costs, the rate of house price growth is slowing, giving buyers hope. According to the annual Residential Property Review and Outlook report published by the Society of Chartered Surveyors Ireland, house prices are expected to fall by up to 2% this year.

The report also states that if manufacturing costs and labour shortages are addressed, prices can be reduced even further. Most of the builders say that the cost of house construction is increasing due to these two reasons.

25,000 units are expected to be completed by 2022 under the government’s Housing for All scheme. Meanwhile, house price reductions are being discussed. This is the highest number of homes under construction in the country in over a decade, the report said.

In order to meet the scheme’s targets, new house construction must increase by 8% per year until 2030. This translates to 27,000 new homes being built this year. The number of completed houses will increase to 39,000 in five years and 45,000 by 2030.

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