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Hope for property market as prices rise for second month in row

PROPERTY prices rose again last month, sparking hopes that values may have begun to stabilise.

There was a rise of 0.5pc in prices nationally in August, following a smaller increase in the previous month, according to data out today from the Central Statistics Office.

But despite the slight tick-up in prices last month, they are still down almost 12pc in the last year, and have halved since the peak of the property boom in 2007.

Based on the figures experts have calculated that the average house nationally is now selling for around €157,000.

Prices in Dublin are continuing to fall, by 0.5pc in August. House prices in the capital city are now down 56pc from their highest level in 2007. Apartment prices have collapsed by 63pc.

Property experts said that we need at least six months of rising prices nationally to be sure the worse is over for property, but they said the signs were encouraging that prices were rising or were flat for four of the months of this year so far.