Figures published by the Department of Environment & Local Government today show that average house prices for 2004 rose by 11% on the previous year.
In its Housing Statistics Bulletin, the department also said the total value of mortgages taken out for house purchases was almost €17 billion last year. The number of loans paid out for new houses jumped by more than 25% compared with 2003.
The bulletin estimated that 48% of all new house purchase loans were by first time buyers, or 34% of all house loans. The department said the national average price paid by a first time buyer for a new house was around 13% less than the overall average price.
The report confirmed previously released figures showing that a record 76,954 homes were built in 2004. It said preliminary results suggested that supply levels in 2005 would be similar to 2004.
