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Pace of house price rise picks up

Wednesday, August 27 11:21:15

House prices nationally rose at a faster pace in July, clocking up a 13.4pc rise in the past year with Dublin home prices up 23.2pc in the same period, latest CSO figures show.

Nationally, this compares with an increase of 12.5pc in June and an increase of 2.3pc recorded in the twelve months to July 2013.

Residential property prices rose by 2.0pc in the month of July. This compares with an increase of 2.9pc recorded in June and an increase of 1.2pc recorded in July of last year.

In Dublin residential property prices grew by 2.7pc in July and were 23.2pc higher than a year ago. Dublin house prices rose by 2.5pc in the month and were 23.1pc higher compared to a year earlier. Dublin apartment prices were 26.3pc higher when compared with the same month of 2013.

However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 1.3pc in July compared with a decrease of 0.1pc in July of last year. Prices were 4.9pc higher than in July 2013.

House prices in Dublin are 41.2pc lower than at their highest level in early 2007. Apartments in Dublin are 48.4pc lower than they were in February 2007. Residential property prices in Dublin are 43.0pc lower than at their highest level in February 2007. The price of residential properties in the Rest of Ireland is 45.1pc lower than their highest level in September 2007. Overall, the national index is 42.3pc lower than its highest level in 2007.

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