House price inflation has reached an eight-year-high according to a new report from Daft.ie.
The new report shows house prices across the country rose by 3.7% during the first three months of the year.
The average price of a home in the first quarter of the year was over €340,000.
Author of the report, Economist Ronan Lyons said there just aren't enough second hand homes available.
“What we're seeing is very strong pressure in the sales market,” he said.
“What I mean by that is this very strong demand and quite weak supply.
“If you just take one number… how many second hand homes are there in the market at the moment?
“Across the entire country, there were only 9,270 homes available for sale on the first of March.”
One red house on top of a pile of 50 euro bank notes cash. Image: AlamySinn Féin has described the latest Daft figures as "alarming".
The party's spokesperson on housing says the failure of Government to deliver affordable homes at scale is leaving hundreds of thousands of working people without any housing options.
Eoin Ó Broin said the current figures are very concerning.
"This is one of the most concerning Daft.ie house price reports in quite some time," he said.
"What it shows is not only house prices rising, but at an alarming rate.
"We're seeing median house prices in Dublin range for new builds between €490,000 and €700,000 right out to the commuter belt and even beyond - very, very high double digit house price inflation."
A man walking past 'For Sale' signs in Dublin, 5-5-22. Image: Leah Farrell / RollingNews.ie
