House price growth accelerating
New figures show that the rate of house price growth has risen at more than twice the rate in the five months from July to November than in the first half of the year.
The latest edition of the Permanent TSB/ESRI's House price index says that house prices rose by 2.6% in the first six months of the year, while they jumped by 5.4% from July to November.
The index says that the overall value of house prices nationally rose by 8% in the first eleven months of the year.
This compares with an increase of 8.4% the same time last year. However, it points out that the rate of increase towards the end of 2005 is accelerating while price growth was slowing down this time last year.
Today's index also reveals that the cost of houses for first time buyers has grown faster for the first 11 months of the year than for any other market sector. Prices for first time buyers have now risen by over 4% more than price growth nationally.
The price of houses for first time buyers rose by 12.1% over the first eleven months of 2005 compared to an increase of 7.1% for second time buyers with the average price paid for a house by a first time amounting to €248,113.
