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House prices nationwide continue upward trend in second quarter of 2017

House prices over the past year have risen by more than €2,000 a month nationally, according to the latest report from property website Daft.ie.

Nationally, the average asking price has risen by 46.2% – or just under €76,000 – since their lowest point in 2013.

The national average list price during the second quarter of 2017 was €240,000, 11.7% higher than a year previously.

Over 6,000 properties were listed for sale in May, the highest monthly total since the middle of 2008.

For the first time in over two years, the annual rate of inflation in Dublin (12.3%) exceeds the rate elsewhere in the country (11.3%).

40% of properties listed currently find a buyer within four months, up from 35% a year ago.

Average list price and year-on-year change in major cities in the second quarter of 2017 –

Dublin City: €352,975 – up 12.3%
Cork City: €256,201 – up 9.2%
Galway City: €268,535 – up 13.4%
Limerick City: €177,199 – up 15.1%
Waterford City: €158,861 – up 14.5%

The report’s author, Ronan Lyons, said: “After two years where Central Bank rules had capped house price growth in the capital, the relaxation of those rules has helped drive prices further up.”

Whereas non-urban markets had driven house price growth in 2015 and 2016, Mr Lyons said Dublin again is seeing increases that are above the national average.

With each passing quarter, he said the imperative becomes even greater to address the high construction costs that are limiting the ability of supply to meet strong demand.

Martin Clancy from Daft.ie said: “Every minute over 1,000 property searches are being carried out on our website and apps, which gives an indication of the strong demand that is in the market at present.”

Report by RTE