Wednesday 26 July 2017

House prices on rise again despite Central Bank mortgage restrictions

Charlie Weston

Charlie Weston

HOUSE prices are on the rise again despite efforts by the Central Bank to stem increases by introducing mortgage lending restrictions.

New figures out this morning show prices up almost 1pc across the country in March.

Prices are now up almost 17pc compared with a year ago.

In Dublin prices rose by 1pc, according to the new data from the Central Statistics Office.

Outside of Dublin residential property prices rose by 0.7pc in March, with prices up 10.7pc year on year.

This rises in March are in contrast to falling prices in January and February.

Just after the start of the year the Central Bank ordered banks to ensure most first-time buyers had a deposit of 20pc for any amounts borrowed over €220,000.

And the amount that can be borrowed is restricted to three-and-a-half times gross income.

 

 

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