Cost pressures in the construction sector could lead to even higher house prices here.
An increase in the supply of housing may be contributing to an easing in the pace of growth in property prices, an analysis from the Banking and Payments Federation Ireland shows.
However, any easing in price growth is being offset by increasing inflation impacting the cost housing materials - concrete prices have risen by over 30% over the last year and steel is up 100%
Conor O' Connell of the Construction Industry Federation Industry says construction is being hit by hyper inflation, however, he says we cannot allow these obstacles to prevent investment in infrastructure into the future.
Speaking to RedFM News Conor O' Connell of the CIF says infrastructure needs to be delivered for our growing population:
"Some of the most serious issues that this country faces, from gridlock to housing to school and hospitals are a result of a failure to invest sufficiently in infrastructure over a prolonged period of time, due to many different factors caused by the last economic crash. We now need to get on with this, we now need to deliver our infrastructure for our growing population and our growing employment base. And so we have to find ways and means of proceeding with projects."
