It's feared cost pressures will drive house prices even higher.
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 of Ireland shows.
But any easing in price growth is being offset by increasing inflation impacting the cost housing materials.
Director of the Construction Industry Federation, Coolderry's Tom Parlon says construction is being hit by hyper inflation:
It's believed modular homes will soon become the norm for construction companies.
Mr. Parlon says the pre-built houses are cheaper and quicker to manufacture than a standard residence, despite the kits doubling in cost.
A modular home is constructed in a factory and is then transported on-site via a crane.
The Coolderry man says suitable working conditions lead to a more efficient build:
More scrutiny will be required in the coming years to monitor the rising cost of construction materials, according to the BPFI.
It says figures released by the Paribas Purchasing Manager's Index show that cost pressures in the sector for the month of April were the second highest since June 2000.
Annual inflation for building and construction materials stood at 18.2% in April of this year.
BPFI CEO Brian Hayes says we need to keep a sharp watch on construction to prevent expensive housing costs rising even further:
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