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House prices continue to soar

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN – House price are continuing to soar, according to the Irish Permanent/ESRI index for June which showed that the annual increase for the Dublin area was a whopping 38.4 percent.

Outside Dublin the percentage increase in the year to June was 18.5 percent, up from 15.9 percent in May.

During the month house prices nationally jumped a further 4.2 percent bringing the total increase to 15.6 percent for the first half of the year.

This is almost double the 8 percent increase during the same period last year.

Dublin prices are far outpacing those around the country with a 5.9 percent increase in the month, taking the six monthly rise to 21.6 percent.

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Outside Dublin, houses increased by 3.2 percent. Despite moves by the government to try and dampen down the market, there is little sign of the upward trend leveling off. The index says revision of earlier 1998 data "shows that the growth in house prices was even stronger than previously estimated."

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