Figures released today show that house price growth accelerated further to an annual rate of more than 15% in June.
The Permanent TSB/ESRI house price index showed that prices nationally moved up 1.2% in June from May, bringing growth in the first half of the year to 7.9%, compared with 2.5% in the first half of 2005. The annual rate of growth was 15.2%.
According to the report, the average price paid for a house in June was €299,929. Permanent TSB's Niall O'Grady said that all sectors had experienced strong growth, particularly commuter counties around Dublin. But he said interest rate rises were likely to lead to an easing of growth rates later in the year.
A breakdown showed that house prices in Dublin and outside Dublin grew by 1.9% and 1% respectively in June, bringing the annual rates of increase to 16.1% and 15.2% respectively. House prices in commuter counties added 1.4% in June and were 17.4% ahead over the 12 months.
House prices for first-time buyers rose by 1.7% in the month, while the increase was 1.3% for second-time buyers. The annual growth rates were 16.4% and 15.3% respectively.
New house prices were up 0.9%, while existing homes climbed by 1.1%, giving annual rates of 13.7% and 12.3% respectively.
