House prices up by average of €50 each day over last 12 months, report finds

Average national house prices have risen by 47per cent since their lowest point at the height of the economic crash in late 2013, according to a report published on Sunday.

The latest Daft.ie house price index finds that house prices nationally have risen by more than €50 on average each day over the last 12 months.

Prices rose marginally by 0.3 per cent in the third quarter of 2017 with the national average list price now almost €241,000, which is 8.9 per cent higher than a year ago, according to the report.

The annual rate of increase in the capital was 9.9 per cent in the year to September, the second quarter in a row where the rate in the capital exceeded rest of the country where the increase was 8.2 per cent.

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Nationally, the average asking price reached its lowest point in the third quarter of 2013 and has risen 46.6 per cent,- or just over €76,500 - since then, the report states. In Dublin, however, the bottom was reached in the second quarter of 2012 and prices have risen by an average of 61 per cent, or €134,300.

The Daft report finds that the number of properties on the market continues to fall; there were almost 24,000 properties on the market on September 1st, 4 per cent lower than the same date a year previously.

The report's author, economist Ronan Lyons from Trinity College Dublin said: "The relaxation of the Central Bank rules on the minimum deposit would be expected to bring about a one-off jump in house prices, particularly in Dublin.

“This appears to have happened in the first half of the year, when prices in the capital rose by 10 per cent in just six months. Since June, though, prices have largely been stable, suggesting the change in rules has run its course.

“Nonetheless, with a shortage in supply, largely due to the lack of new homes being built, there is little to suggest that house prices will fall in the months and years ahead.”