PROPERTY PRICES CONTINUE TO RISE – BUT RATE OF INCREASE SLOWS

There has been a further slight slowdown in the rate of property price inflation.

New figures from the Central Statistics Office show residential property prices increased by 8.4pc nationally in the year to October.

The rate of increase was slower than in the previous two months, and slower than the same month last year.

Dublin property prices rose by 6.3pc in the year to October.

Economists say that Central Bank mortgage restrictions are affecting Dublin prices in particular, especially the capital’s more expensive areas.

When Dublin is excluded, residential property prices rose by 10.6pc in the year.

The region outside of Dublin that saw the largest rise in property prices was the mid-west at 21.5pc, while the smallest was recorded in the mid-east at 8.3pc.

The medium, or middle, price paid for a home in the State was €256,000 in October, up €1,000 on the medium price paid in the previous month.

Overall, the national index is almost 18pc lower than its highest level in 2007.

Dublin residential property prices are 20pc lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 23pc lower than their May 2007 peak.

Irish Independent