Home News House prices increase by 12.3%

House prices increase by 12.3%

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Property prices have surged again with a jump of more than 12%  recorded nationally for the 12 months to the end of July.

The latest official figures from the Central Statistics Office (CSO) show property price inflation is now running at 12.3%, its fastest pace in over two years.

It also compares with a year-on-year increase of 11.5% recorded in June and an increase of 7.1% in the 12 months to July 2016.

In Dublin, where supply pressures are most acute, the rate of growth was even stronger at 12.7%.

The highest house price growth was in Dublin City at 13.6% while the lowest rate of growth of 7.4% was recorded in Fingal.

Over the last year, the average market price paid by households for a dwelling was €260,903, or €413,045 in Dublin.

Over the year, Dún Laoghaire-Rathdown was the most expensive area to buy a house in Ireland, with an average price of €583,862. The least expensive county in which to buy a house was Co Longford, with an average price of €95,138.

The CSO’s latest report comes in the wake of a separate study by estate agent Sherry FitzGerald, which found that the supply of second-hand homes to the market had actually fallen in the 12 months to July despite the increased level of demand.