The price of a new three bedroom semi detached house could rise by up to €15,000
This is because of the lack of availability and the rising price of building materials
That's according to the Irish Home Builders Association who say they are extremely concerned about cost increases in the sector in the past few months.
It's led to fears less houses will be built this year as the increases impact mortgage approvals and profits for developers.
The IHBA say the use of judicial reviews to stop the felling of timber and the continued closure of saw mills are also major concerns.
Speaking to RedFM News, Conor O'Connell for the Cork office of the Construction Industry Federation outlines how much building materials have increased by
"If we just take January 2020 as a baseline - on insulation 25% increase, on steel anything from 30 to 70% increase they're extraordinary levels of increase and if you think of it timber alone we estimate the cost of timber has increased anything up to 50%, if not more in certain instances. And that equates to timber alone and the increasing costs of timber, if you're consulting a timber frame unit, that's the cost of €12,000 per unit. It's simply unsustainable at the moment, what's happening"
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