Home News House prices to rise by 20% in the next three Years

House prices to rise by 20% in the next three Years

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According to reports, house prices will keep rising over the next three years, but the property market is not overheating.

Prices are likely to rise by 20% by 2020, the Economic and Social Research Institute (ESRI) said in a new report.

The price surge it predicts is due to strong economic growth and the slow pace of house building.

The report has  dismissed suggestions the housing market is overheating.

The research finds that prices are broadly in line with the level suggested by current economic and demographic variables in the economy.

The average price paid for a home was €266,000 in the year to September, according to the Central Statistics Office.

A rise of another 20% would see prices at close to €320,000. The rise is calculated in real terms, or by taking account of inflation.