New figures showing British house prices surged 11% as its economy fully reopens has raised concerns that house prices in Ireland will also be taking off soon, when the rollout of the Covid vaccines is completed this summer.  

The double-digit annual price surge in Britain compares with the 3.7% annual house price rise in Ireland in March, CSO figures published in mid-May showed. In Ireland, economists and estate agent experts predict prices will also rise as the restrictions are lifted, but predict price hikes will be pegged back at between 3% to 5%, depending on location. 

However, price rises could rise as high as 7% in cities in Munster, including in Cork and Limerick, according to one estate agency chief. Ken MacDonald at Hooke and MacDonald forecasts that Irish prices will rise between 2% and 4%, with some marked regional differences. However, prices in cities such as Cork and Limerick may rise by as much as 7%, he said.