House rebuild costs increase in 2014

Thursday 24 April 2014 14.16
House rebuild costs have increased in 2014
House rebuild costs have increased in 2014

National average house rebuilding costs increased this year, according to the latest House Rebuilding Cost Guide, published by the Society of Chartered Surveyors Ireland (SCSI).

The SCSI said that the largest increases in "reinstatement" costs on an average three bedroom semi-detached home were in Cork, where there was a 3% increase on 2013.

Reinstatement costs were also up in Limerick and Galway, by 3% and 2% respectively.

There were 1% increases in Dublin where the average minimum rebuilding costs for a standard three-bedroom semi-detached house is €169,575.

Micheál O'Connor, President of the SCSI said; "The marginal increase in house rebuilding costs reflects slightly higher input prices for construction materials and labour costs".

However, Mr O'Connor noted that house rebuild costs are still approximately 21% lower for an average three-bedroom house than they were in 2008.