A Permanent tsb/ESRI house price survey published today shows a considerable slow-down in the housing market across the country.
House prices rose nationally by only 0.3 per cent during the month of October, considerably less than the 1.3 per cent recorded in October of last year and the average of 1 per cent recorded in September this year.
This represents the lowest increase since 2002 when prices fell by 0.9 per cent.
The average price paid for a house nationally in October of this year was €253,100 up more than €19,000 on December 2003 (€234,066).
Overall, the increase in the price of houses over the last twelve months (Oct 2003-Oct 2004) grew by 10.8 per cent, down from the 13.8 per cent recorded in the previous twelve months.
Dublin house prices continue to outdo the rest of the country with the average price paid for a house in the capital city reaching €333,918 in October with €220,932 the average paid for a house outside of Dublin.
This compares to €301,855 and €198,212 in October 2003.
Commenting on the results, Mr Niall O'Grady, Head of Marketing at permanent tsb bank said: "The rate of national house price growth continues to show signs of slowing and looks likely to end the year close to 10 per cent. This slower rate of growth is being driven by reduction in house prices outside Dublin, while Dublin prices have remained robust."
Dublin prices rose by 1 per cent in October while prices outside of Dublin recorded a reduction of 0.5 per cent. Dublin house prices grew by 8.6 per cent in the first ten months of the year, while the equivalent growth rate outside Dublin was 8.4 per cent.
In the first ten months of 2003 Dublin recorded an increase of 10.7% with house prices increasing by 9.9% outside of the capital city.
While house prices continue to increase at a slower rate than in the past, the average price of a new house in Ireland has surpassed €250,000 for the first time.
The average price paid for a new house in October 2004 was €250,002 compared to €222,888 in October 2003.