Wednesday 19 September 2018

Overall property price rises ease off - but surge in costs outside Dublin continues

Photo: Bloomberg
Photo: Bloomberg

Charlie Weston Personal Finance Editor

The rate that property prices are increasing has continued to ease off.

This is being put down to buyers reaching the limit of what they can borrow due to Central Bank lending restrictions.

New figures from the Central Statistics Office show that residential property prices at national level increased by 10.4pc in the year to July.

This compares with an increase of 12pc in the year to June, and an increase of 11.6pc in the twelve months to July 2017.

July’s pace of increase was the slowest since May 2017.

Dublin prices were up 7.2pc in the past year, the CSO said.

But the surge outside the capital continues.

Read more: Property price surge sees wealth of households hit all-time high

When Dublin is excluded, prices were up almost 14pc.

The mid-west region showed the greatest price growth, with house prices increasing 24pc.

The border region showed the least price growth, with house prices increasing 6pc, as potential buyers worry about the impact of Brexit.

The median, or middle price, of a property nationally is €240,000. This is the same as it was in June, but up €13,000 from the price in May.

Overall, the national index is 19pc lower than its highest level in 2007.

Dublin residential property prices are 22pc lower than their February 2007 peak.

From the trough in early 2013, prices nationally have increased by 81pc.

Dublin residential property prices have increased 94pc from their February 2012 low.

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