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Irish property prices up by almost 8%

Residential property prices in Ireland increased by 0.6% month-on-month in January to keep annual growth steady at 7.9% following the first monthly decline in almost a year at the end of 2016, according to the latest figures from the Central Statistics Office.

Home prices across much of Ireland have risen in recent months amid an acute shortage of housing, less stringent central bank lending rules and the government’s new Help to Buy scheme, which contributed to a surge in mortgage approvals in January.

Property prices in Dublin, where the average price for a home is now close to €400,000 (£350,000), were 5.3% higher year-on-year, led by gains of 6.8% in South Dublin, while the rest of the country was up 11.3%.

The west region showed the greatest price growth, with house prices increasing by almost 19%.

The mid-east region showed the least price growth, with house prices increasing by 9%.

As far as transactions are concerned, 3,136 homes changed hands in January according to the Revenue Commissioners, with the average purchase price in January reaching €247,000 (£216,200), although is down by about €10,000 (£8,750) compared with recent months.

National prices are on average 31.8% below the peak hit in 2007 at the height of the last property boom. 

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