Wednesday 21 March 2018

November shows biggest monthly hike in house prices since property crash

Ed Carty

HOUSE prices saw the largest overall monthly rise in November since the property crash struck five years ago, official figures have shown.

Data from the Central Statistics Office (CSO) put the increase at 1.1pc but also noted the market down almost 10pc in the previous 12 months.

The relatively modest growth came as a result of a rise in prices for houses in Dublin, with many first time buyers taking advantage of the valuable mortgage relief scheme which ends this month.

The CSO reported the overall Dublin residential market up 2.4pc in November while houses alone enjoyed an increase in values of 2.7pc.

Outside of the capital the value of properties was reported up by 0.3pc.

The residential price index noted that overall property prices are down on average 49pc since 2007 while houses in Dublin are 54pc cheaper and property elsewhere is down 47pc.

To find an increase similar to the November based on CSO figures a homeowner would have to go back to the autumn of 2006.

But the report shows further evidence of instability in the market as October this year witnessed the first drop in prices for the first time in four months.

The CSO index is based purely on borrowings for house purchases and does not take into account cash transactions while estate agents have also suggested the figures lag the real picture on the ground.

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