Annual property price inflation accelerates to 8.6%

Annual property price inflation accelerates to 8.6%

Property price inflation has risen to 8.6 per cent following the introduction of the Government’s help-to-buy scheme and a loosening of the Central Bank’s lending rules.

The latest Residential Property Price Index (RPPI) shows prices nationally rose by 1.5 per cent in November.

In Dublin, where supply shortages are most acute, prices were up 1 per cent in November and by 5.9 per cent on an annual basis.

The highest price growth was in south Dublin, which recorded an 8.3 per cent hike in the 12 months to November. In contrast, the lowest growth was in Fingal, with prices up 3.1 per cent.

Prices in the rest of the country, excluding Dublin, were 12. 8 per cent higher in the year to November.

The strongest growth was in the West region with prices increasing 16.7 per cent.

Conversely, the Mid-East region had the weakest price growth, with house prices up 8.3 per cent.

Overall, the national index is still 31.5 per cent lower than its highest level in 2007. Dublin residential property prices are 32.2 per cent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 35.9 per cent lower than their May 2007 peak.

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