New house prices in the Dublin area have increased by almost 34 per cent in the 12 months to the end of March and the average price for houses for which loans were approved in the first quarter is £112,401 compared to an average of just over £94,000 during 1997.

The first quarter housing statistics were published last night by the Department of the Environment and show that nationally, house prices rose by an average of 24.6 per cent last year.

Second-hand house prices rose by 27.3 per cent nationally and by almost 33 per cent in the Dublin where the average second-hand price in the first quarter of the year was £118,293, compared to an average of £102,436 during 1997.

In the same period, new house prices in Cork rose from an average of £75,242 to £84,037 while average secondhand house prices in Cork rose from £69,364 to £81,209. In Limerick, new house prices were up from £71,188 to £78,612 while secondhand prices rose from £61,180 to £74,161.

In Galway, new house prices in the first quarter averaged £93,295 compared to £86,160 in 1997 while average secondhand house prices in Galway were £91,915, compared to an average of £78,882 in 1997.

The housing statistics show a continuing house building boom, with house completions up 6 per cent to 8,572 in the first quarter compared to 8,081 completions in the first quarter of 1997.

The figures also show that the market for endowment mortgages has now almost disappeared with only 2.6 per cent of new house mortgages in the first quarter were endowments compared to almost 18 per cent five years ago.