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Your Money Technology Markets Economy Analysis Affordability challenges growing for first-time buyer couples - SCSI
Updated / Tuesday, 28 Jul 2026 12:56 Getty 92% of estate agents believe current residential property prices are
expensive or very expensive, the latest report from the Society of Chartered Surveyors Ireland shows A new property
report suggests that national property prices will increase by an average of 5% over the next 12 months, up marginally
on the 4% forecast six months ago. The Society of Chartered Surveyors Ireland's latest Residential Mid-Year Market
Monitor points to a market which is expensive, but one where price increases are expected to continue for the
foreseeable future, albeit at more moderate levels compared to 2024 and 2025. 92% of estate agents believe current
residential property prices are expensive or very expensive, an increase of 8% since January. Just 6% believe they are
currently fair value, down from 12% a year ago. When asked where they believe we are in the market cycle, 64% believe
prices are increasing but will level off soon, while 18% believe they have peaked and should start to decline. Most
agents reported stable or easier lending conditions in the residential market in the first six months of 2026.
Meanwhile, 48% saw no change and a further 39% highlighted a slight improvement. Emer Byrne, Vice President of the SCSI,
said today's report indicates that the housing market here continues to be characterised by an imbalance between supply
and demand and ongoing affordability pressures. "While housing completions have increased and agents report a modest
improvement in sales instructions, the availability of housing stock on the private market continues to fall short of
requirements across many regions," Emer Byrne said. She said that despite a moderation from previous survey findings,
the level of new housing supply continues to be viewed as the most important determinant of future house price
movements. "In H1 2026, 38% of agents cited the volume of new homes being built as the key factor shaping their 12-month
house price expectations, while the next most commonly cited reason, changes in the state of the economy, was cited by
23% of agents," she stated. "The successful delivery of additional housing supply will depend on the timely provision of
supporting infrastructure, including water services, transport and energy networks, together with policies that ensure
development viability across a range of housing types and locations," she added. Today's report also found that
affordability challenges are intensifying for a first-time buyer couple earning a combined €113,000. According to four
scenarios, a couple on a combined gross salary of €113,000 who want to buy a new privately built 3-bedroom
semi-detached home and who have the 10% deposit, having availed of the Help to Buy Scheme along with their savings, will
be able to afford to buy in only one of the four locations - Cork. The case studies indicate prospective buyers in
Kildare will face a shortfall of almost €25,000, in Wicklow it will be €20,500 while in Meath it will be €11,500.
The case studies also include affordability scenarios for two and three-bed terraced houses in the four locations. The
picture here is much more positive, with affordability being met in all locations. "While a new 3-bedroom semi-detached
home is affordable in Cork, new 3-bedroom semi-detached homes in Kildare, Wicklow and Meath remain out of reach for
people on these salaries," Emer Byrne said. "The pattern agents are seeing is a persistent divergence between income
growth and property values, as the marginal gains in purchasing power are offset by property price growth wherever the
demand is strongest," she said. "Affordability remains a significant concern, particularly for first-time buyers seeking
family-sized homes in commuter counties. The survey findings suggest that while Government support schemes continue to
assist some purchasers, rising house prices have outpaced improvements in purchasing power in several key locations,"
she added. More stories on News Business House Prices Housing estate agents Property prices Society of Chartered
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