February's edition of the Irish Permanent House Price index shows that national house prices recorded their lowest monthly growth rate since January 1999.
The index - compiled in association with the ESRI - reveals that national house prices rose by 0.4% in February compared to a 1.1% increase in January.
The index also shows that in the 12 months to February, national house prices rose by 19.8%. This compares to 20.6% for the 12 months to January and 21.3% for the 12 months to December.
Commenting on the latest figures, Niall O'Grady, head of marketing at Irish Permanent, said: 'This easing in the rate of growth in national house prices offers encouraging evidence that the supply side is starting to move towards matching the strong demand for new houses'.
The February increase for houses in Dublin was 1.3% compared with a 1% increase in January. There was no price increase outside Dublin city and country, compared with a 1.1% hike in January. Dublin prices have rise by 2.3% while in the rest of the country, they have risen by 1.1% during the first few months of 2001.
House prices increased in February by 0.7% for first time buyers and by 0.3% for second time buyers. This compares with January increases of 0.4% and 1.7%.
The average price paid by a first time buyer for a house in February 2001 was £122,050 compared with £100,031 the same month last year.
The Irish Permanent House Price Index is regarded as the most credible measure of house price movements in the country. Irish Permanent accounts for over one in five new residential mortgages sold in Ireland.
