A UL Professor is cautioning prospective homeowners to be aware of ‘profiteering’.
Assistant professor of economics at the University of Limerick Stephen Kinsella says energy, wheat, and steel increases are some of the factors contributing to inflation.
He says this will drive up the costs of building a house especially as Russia is one of the biggest suppliers of steel.
Professor Kinsella has this advice for anyone that is considering building a one off house in the coming weeks or months:
” If you’re building a one off house make sure you lock in the construction costs now, or just delay it for 6 months, because they look like they’re going to the moon. But, there’s a lot of profiteering going on at the moment.”
He says this is a much larger problem than wage spiraling, with people ‘lashing on” price increases hoping that people won’t notice.
