House prices soar as demand continues to outstrip supply

House prices around the country are continuing to soar as demand for housing outstrips the current supply.

The Central Bank’s second edition of the 2017 Macro-Financial Review (MFR) said demand in the housing market continued to outstrip supply and many households were vulnerable to debt and interest rate rises.

According to the most recent figures released by the Central Statistics Office (CSO) residential property prices have increased by 12% in the year to September.

In the 12 months to October 2017, the average price for a dwelling in Ireland was €267,900.

The average price was highest in Dublin at €422,883 an increase of 11.6%.

In the rest of Ireland excluding Dublin prices have risen by 12.5%.

Excluding Dublin, the most expensive region was the Mid-East at €268,170.

In this region, County Wicklow was the most expensive county with an average price of €334,677.

The Border region was the least expensive in the country where the average price was €127,033.

County Longford was the least expensive county in which to purchase a home with an average price of €94,800.

In County Dublin, the greatest price growth occurred in South Dublin (14.4%) while the lowest growth in the county was in Dun Laoghaire-Rathdown (9.7%).

Outside of Dublin, the west of Ireland experienced the greatest price growth (15.8%) while the Midland region showed the least price growth (8%).

The national index is lower than its highest level in 2007 at 23.7%.

From the trough in early 2013, prices nationally have increased by 70.2%.

In October of this year, the number of new dwellings purchased increased by 41%.

 

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