Kilkenny property prices expected to increase by 5% this year

While property prices recorded double digit growth in 2021 and are expected to continue to rise in 2022, the median rate of increase nationally is expected to moderate this year according to the Society of Chartered Surveyors Ireland. 

Society of Chartered Surveyors Ireland (SCSI) estate agents believe property prices in Kilkenny, the rest of Leinster and Munster are set for a median increase of 5% while Connacht and Ulster will see an increase of 7%. 

The vast majority of agents who expect prices to rise believe it is due to market factors such as the lack of supply of new and existing homes.

The President of the SCSI, TJ Cronin said 2021 was the year when the lack of supply and Covid combined to totally distort the property market, pushing up demand and inhibiting the supply of new homes. 

While those issues will continue to dominate the market in 2022, he said the double-digit inflation we experienced last year was not sustainable and SCSI members believed the rate would moderate.  

“Our survey shows the key factor affecting property prices all over the country is the low level of new housing supply. In Q4 2021 85% of agents reported having low levels of stock available for sale. In three surveys that figure has not dropped below 81%.

“When you combine that lack of supply with the two other key issues identified by our members as affecting property prices – namely pent-up demand due to Covid and buyers having an enhanced level of savings due to the pandemic – it’s clear prices are only going to go one way.”