The surge in house prices has continued with the average cost of a home nationally now standing at €247,000, 7.3% higher than this time last year.

The latest survey by the property website, Daft.ie also shows the number of properties on the market outside Dublin continues to fall. 

House prices on average across the country rose by 2.5% in the first three months of the year.

There was a 3% rise outside the main cities with the largest increases in Munster.

Prices rose 2.1% in Limerick and 2.4% in Waterford and marginally in Cork and Galway. 

There was a 2.3% rise in Dublin. The average price in the capital is now €145,000 higher than five years ago. 

This latest property survey may mean good news for home owners but not for those searching for a home outside of Dublin. 

There has been a noticeable decline in the number of properties on the market. 

The figure stands at 16,800, down 1,000 on a year ago and the lowest on record.