The increase in the price of property persists across the Irish market.
House prices continue to rise with the average home now costing just over €220,000. According to the latest ESRI Permanent TSB house price index, growth in the first seven months of the year was at the highest level in three years. Prices grew by 8.1 per cent between January and July compared with six per cent over the last two years. Overall, prices have risen by 15.6 per cent in the last 12 months.
The housing market is continuing to buck the trend of other sectors in the economy that are struggling in the international downturn.
In Dublin, house price growth has slowed in comparison to the rest of the country. Property market experts believe that slower growth in Dublin will follow throughout the country.
Niall O'Grady from Permanent TSB says that the rate of growth for new homes has also eased quite considerably.
Higher prices are never good news for buyers. Many experts believe that these price increases can not go on forever.
An RTÉ News report broadcast on 14 August 2003. The reporter is Ray Kennedy.
