House prices are on the rise
Irish house prices are set to rise by 9.4% this year and by 2019 that rise could reach 20% bringing levels close to the peak reached in 2007. The forecast comes following concerns about the problem of housing shortage in Cork where the price of an average three bedroom semi-detatched house has increased by 3.77% to €275,000 in the city and by 2.3% to €110,000 in the county. The rental sector Leeside is also a cause of concern with many renters unable to meet the rising cost of rents. Cork County Council meanwhile has been instructed by the Government to ‘acquire’ 1,217 properties for social housing in the next three years by building them or leasing from the private sector. However there are fears that council will not be able to meet the Government's social housing targets as landlords may hold out for better prices. Speaking to RedFM News, Sean McCarthy from ERA Downey McCarthy Auctioneers says the problem Leeside is that more investment is needed in the residental sector. Click the PLAY button to hear.
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