Monday 23 April 2018

Property prices pick up steam with house price growth of 12.8pc

Prices have surged this year on an annual basis. Stock photo: Reuters
Prices have surged this year on an annual basis. Stock photo: Reuters
Charlie Weston

Charlie Weston

The pace of property price rises has picked up again.

Average prices across the country rose by 12.8pc in the year to September, according to new figures from the Central Statistics Office.

This compares with an increase of 11.8pc in the year to August and an increase of 8pc in the 12 months to September 2016.

In Dublin, residential property prices increased by 12.2pc in the year to September.

Residential property prices in the rest of Ireland, which excludes Dublin, were 13.2pc higher in the year to September.

The West region showed the greatest price growth, with house prices increasing 16.5pc.

Overall, the national index is 24pc lower than its highest level in 2007. From the trough in early 2013, prices nationally have increased by 70.2pc.

In the same period, Dublin residential property prices have increased 87pc, while residential property prices in the Rest of Ireland are 61.4pc higher.

The average price paid by households for a home was €266,000 in the year to September, the CSO said.

The average price paid for a dwelling in Dublin was €419,983.After Dublin, the next most expensive region was the Mid-East, where the average price paid by households was €265,898.

The least expensive region for household purchases over the last 12 months was the Border region, with a mean price of €126,185.

However, the least expensive county was Co Longford, with an average price of €93,622.

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