Auctioneers lobby for measures to boost housing supply

The INSTITUTE of Professional Auctioneers & Valuers (IPAV) is calling on the Government to introduce more measures to increase the housing supply.

The Minister of State for Housing, John Cummins, announced new Planning and Development regulations last week. They are expected to assist young people and families in a range of situations for whom current planning rules have been unduly stringent.

The latest CSO Residential Property Price Index revealed that house prices increased by 6.2 per cent in April and May this year.

Genevieve McGuirk, IPAV’s Chief Executive believes this has left many people cautious of committing to buying a new property.

She welcomed the latest regulations announced by the government, but voiced concerns that they will only ever help a small cohort of the market.

Price increases not sustainable

“It’s not sustainable that high increases could be maintained over a prolonged period, even with the shortage of supply. They have been on an upward trajectory since the covid pandemic,” she warned.

“Cohorts of the market are performing differently with many buyers concerned about interest rates into the future and are taking more time over their decisions and that is understandable.

“Greater emphasis also needs to be placed on vacant and derelict properties to bring them back into use. It is to be hoped that the combined package of measures will deliver in an unprecedented way and lead to a sustainable housing market.”