Saturday 29 April 2017

Property prices surge 7.9pc as help-to-buy scheme and relaxed lending rules come into effect

January is traditionally a slow month for borrowing and house sales
January is traditionally a slow month for borrowing and house sales

Charlie Weston Personal Finance Editor

Property prices continued to surge in January.

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.

Dublin prices were up 5.3pc in the year.

Read more: Mortgage approvals soar as new lending rules and help-to-buy scheme kicks in

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

In contrast, 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 in the same period.

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