Rents will continue to rise strongly this year by 5% and house prices will rise 2%, the Society of Chartered Surveyors Ireland (SCSI) has forecast, as shortages of affordable housing continues to drive the market. Rents will rise 5%, despite urban rent caps, as the limits do not apply to new units or to major refurbishments by landlords, the society said. It said 2% house price increases projected for this year compares with a 4% rise in 2019. The SCSI reiterated that cuts in capital gains tax and Vat would help boost housing supply. After many years of price increases, rents and house prices rose by annual rates of 4.3% and 1.4% towards the end of 2019, according to CSO figures.

Source: Irish Examiner January 31, 2020 05:26 UTC