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Property prices have accelerated again with a jump of over 12 per cent recorded nationally for the 12 months to the end of July.
The latest official figures from the Central Statistics Office (CSO) show property price inflation is now running at 12.3 per cent.
This compares with a year-on-year increase of 11.5 per cent in the year to June and an increase of 7.1 per cent in the 12 months to July 2016.
In Dublin, where supply pressures are most acute, the rate of growth was even stronger at 12.7 per cent.
The highest house price growth was in Dublin City at 13.6 per cent while the lowest rate of growth of 7.4 per cent was recorded in Fingal.
In the year to July, the average market price paid by households for a dwelling was €260,903, or €413,045 in Dublin. Over the year, Dún Laoghaire-Rathdown was the most expensive area to buy a house in Ireland, with an average price of €583,862. The least expensive county in which to buy a house was Co Longford, with an average price of €95,138
The CSO’s latest report comes in the wake of a separate study by estate agent Sherry FitzGerald, which found that the supply of second-hand homes to the market has actually fallen in the last 12 months despite the increased level of demand.
Both reports are likely trigger fresh fears that the market is overheating again.
The CSO’s latest report shows prices in Ireland, excluding Dublin, were 11.7 per cent higher in the year to July.
The West region enjoyed the greatest price growth, with house prices increasing 15.8 per cent while the Mid-West region recorded the lowest price growth, with house prices increasing 8.2 per cent.
Despite the recent uptick inflation, the CSO’s index suggests price are still 28.1 per cent lower than their highest level in 2007.
From the trough in early 2013, prices nationally have increased by 60.5 per cent. In the same period, Dublin residential property prices have increased 77.4 per cent while residential property prices in the rest of the country are 51.2 per cent higher.