In the year to October, residential property prices at a national level rose by 7.6%, the twenty-ninth annual increase in a row but down from the year-on-year rise of 8.9% posted in September.
 
This according to new figures released this morning from the Central Statistics Office (CSO).

Prices were up 1.6% in the month following a rise of 1.3% in September. This was a bit lower than the monthly increase of 2.9% posted in October 2014.
 
Dublin house prices were up 1.0% in the month and were 4.2% higher in the year in October, with prices now up on an annual basis for thirty-four months running. But, the annual rate of increase was down from 6.5% in September, 7.9% in August, 8.4% in July, and 10.5% in June and in fact was the lowest since June 2013. 

The price of residential properties in the rest of Ireland (i.e. excluding Dublin) was up 2.1% in the month, and 10.7% higher on annual basis, down from 11.4% in September. 
 
According to Merrion Stockbrokers, "A lack of supply of houses has clearly pushed up prices, particularly in the Dublin area in the past couple of years, but it is not something that can be rectified overnight. But, one would expect an improvement on this front over the next year or two, keeping prices down as a result.

"Still, the generally better economic backdrop, particularly in relation to the labour market, should see house price growth remaining in high single digits on a year-on-year basis for a while yet even with credit restrictions and increased planning permissions. We are now looking for an average increase of just under 11% for 2015, down from 12.9% in 2014."

Source: www.businessworld.ie