Irish property prices expected to rise by single digits

Irish property prices are expected to rise by single digits in 2014, according to Fitch Ratings.

The group's latest analysis of the country's housing market shows that demand for family homes remains strong in Dublin and other cities, helping to drive up values last year. Low mortgage rates are expected to remain in 2014, bolstering affordability for first time buyers.

"Overall Fitch expects single digit growth in house prices during 2014 with variations based on the type and location of properties," reads the report. "While affordability will support prices, especially for average family homes in larger cities, there remains an oversupply of properties in some rural and coastal areas, due to overbuilding in the boom years."

Indeed, that supply of properties is likely to be increased by a wave of repossessions, which will hold back property prices from signifant rises.

Source: Property Wire