Alan Cooke, chief executive of the Irish Auctioneers’ and Valuers’ Institute, has pointed out, that a 1.1% monthly rise in house prices in July indicated yesterday still implied an annual increase of 13%.

The IAVI has predicted a ’soft landing’ for the housing market. Mr Cooke said the market was moving closer to equilibrium - where supply matches demand - adding that the rate of house building was ‘astonishing’. But he warned that this was not the case in the Dublin area.

He said IAVI members had often been accused of hyping up the housing market, but claimed they had actually underestimated growth in recent years. The IAVI had predicted growth of 8% this year.

Posted: 08|24|06 at 8:01 am. Filed under: Auction News.