Irish house prices show second biggest increase in EU

Ireland recorded the second highest increase in house prices in the European Union behind Malta during the third quarter of 2015, new figures show.

The European Union's statistics agency Eurostat said house prices across the euro zone were up 2.3 per cent in the period July to September. For the European Union as a whole, prices increased by 3.1 per cent versus the same quarter a year earlier.

House prices increased by 1 per cent and 1.3 per cent in the euro zone and for the EU as a whole respectively compared to the second quarter.

The highest quarterly increases recorded versus the second quarter were in Malta, up 6.2 per cent, Ireland, up 4.5 per cent, Austria, up 4.1 per cent and Sweden and the UK, both up 3.9 per cent. The largest declines were seen in Hungary, Slovenia and Estonia.

On an annual basis, Irish house prices showed the third biggest increase in the European Union, up 8.9 per cent. Sweden recorded the largest annual increase at 13.7 per cent followed by Austria, up 9.3 per cent. The biggest fall in prices versus the same quarter in 2015 were in Latvia, Croatia, Italy and France.