Friday 21 July 2017

Property price surge to keep on going

The CSO said Dublin prices were up 5.3pc in the year (Stock photo)
The CSO said Dublin prices were up 5.3pc in the year (Stock photo)
Charlie Weston

Charlie Weston

Property prices continued to surge in January. And they are expected to keep increasing this year.

They rose by 7.9pc in the year to January, after increasing by 0.6pc in the month.

The Central Statistics Office said the level of increase in January was the same as in December.

In January, the Government's help-to-buy scheme and relaxed Central Bank lending rules for first-time buyers came into effect.

However, there is a time lag in the figures which means that many of the prices recorded for January are in fact sales that took place months earlier.

The CSO said Dublin prices were up 5.3pc in the year.

The highest house price growth was in South Dublin, at 6.8pc.

The lowest growth was in Fingal, with house prices rising just 2.9pc.

But there were much stronger rises in prices outside the capital, with a jump of 11.3pc in the year to January.

House prices in the rest of Ireland increased 11.2pc in the year.

The west region showed the greatest price growth, with house prices increasing by almost 19pc.

The mid-east region showed the least price growth, with house prices increasing by 9pc. Apartment prices in the rest of Ireland increased 15.7pc.

Some 3,136 purchases of homes were recorded by the Revenue Commissioners in January, down from the numbers in the previous two months.

The average purchase price in January was €247,000, down by €10,000 from the previous months.

Dublin's average price for a home was close to €400,000.

Irish Independent

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