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House prices rise 0.5pc in August

Wednesday, September 26 11:12:06

Residential property prices rose by 0.5pc in the month of August compared to an increase of 0.2pc recorded in July and a decline of 1.6pc recorded in August of last year, latest figures from the CSO showed today.

This is the biggest monthly rise since 2007.

In the year to August, residential property prices at a national level, fell by 11.8pc.

This compares with an annual rate of decline of 13.6pc in July and a decline of 13.9pc recorded in the twelve months to August 2011.

In Dublin residential property prices fell by 0.5pc in August and were 13.8pc lower than a year ago. Dublin house prices decreased by 0.7pc in the month and were 14.4pc lower compared to a year earlier.

Dublin apartment prices were 13.4pc lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 1.3pc in August compared with a decline of 0.3pc in August last year.

Prices were 10.7pc lower than in August 2011.

House prices in Dublin are 56pc lower than at their highest level in early 2007.

Apartments in Dublin are 63pc lower than they were in February 2007. Residential property prices in Dublin are 57pc lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 46pc. Overall, the national index is 50pc lower than its highest level in 2007.