House prices have started to rise for the first time since August of last year, according to figures released yesterday.
Prices rose on average by 0.7% in February, according to the Permanent TSB/ESRI monthly survey, but there was no increase in the price of houses for first time buyers.
The figures are the first solid evidence that changes in last December's budget have encouraged investors back into the market, and started to drive up prices.
Permanent TSB marketing manager Niall O'Grady said the figures supported the view that the downward pressure on house prices which characterised 2001 had halted.
House prices for second time buyers rose by 0.9% in February. In Dublin prices increased by 0.3%, elsewhere prices rose by 0.7%. In the 12 months to the end of February national house prices rose 2.6%.
