Irish house price rise eases in August

House prices are continuing to climb across the State although figures published this morning show a slight easing off in the rate of increase.

The latest edition of the Permanent TSB House Price Index, in conjunction with the ESRI, shows house prices nationally grew by 0.8 per cent in August compared with a growth rate of growth of 1.1 per cent in July.

The monthly growth rate for August 2002 was 1.3 per cent.

In the first eight months of the year, house prices grew by 9 per cent compared with a growth rte of 7.4 per cent in the same period last year.

The year-on-year increase in national prices has also moderated. In the 12 months to the end of August 2003, the growth nationally was 15 per cent, down from the 15.6 per cent registered in the 12 months to July of this year.

The average price paid for a house in August was €224,340, almost three times what it was when the index was first begun in March 1996.

The index also shows that the price gap between a house in Dublin and outside Dublin continues to widen.

The average price paid for a house in Dublin in August was €298,196, while the equivalent price for a house outside Dublin was €194,125 - seven times the difference that existed in August 1996.