Figures from Permanent TSB and the ESRI show that house prices rose by just 1% in the first quarter of this year. This is the lowest rise since they began compiling the statistics nine years ago.
Prices in March rose by 0.3% compared with February, while the downward trend in the annual rate of growth continued, as this figure fell to 7.5%.
'The overall picture this year is one of consistently modest price rises,' said Permanent TSB's Niall O'Grady. He said a growth figure of 5% for the year as a whole was likely.
House prices in Dublin rose by 0.7% in March, giving an annual growth rate of 8.3%. The figures for outside Dublin were 0.4% and 6.5% respectively.
House prices for first-time buyers were up 0.3% in March, while prices for second-time buyers rose by 0.5%. The annual rates of growth were 7.3% and 7.8% respectively. Prices for new houses increased by 0.1% from February, while existing house prices were unchanged. New house prices grew by 9.2% compared with March last year, while existing house prices were up 7.5% annually.
