House prices in the first half of the year have grown at their lowest rate in eight years, according to a survey released today.
The permanent tsb/ESRI House Price Index reports a growth rate of 4.8 per cent nationally, compared to a growth rate of 6.9 per cent for the same period last year.
In Dublin, the price of property grew by 4.3 per cent in the first six months, a rate which is also lowest since the index started in 1997. The figure compares to growth of 7.2 per cent in the capital in the first six months of last year.
The growth rate outside Dublin was 5.9 per cent in the first half of this year a modest increase on a 5.5 per cent rate of growth during the same period last year.
The average price paid for a house nationally in June of this year was €245,194, up more than €11,000 on that recorded in December last. The average price paid for a house in Dublin in June was €320,498 and €215,727 outside the capital.
Mr Diarmuid Bradley, Deputy Chief Executive of permanent tsb
Mr Diarmuid Bradley, Deputy Chief Executive of permanent tsb, said the figures "confirm the trend of moderating growth in prices and the figures in Dublin are particularly significant.
"These figures tend to support projects of an annual rate of increase for the full year of approximately 10 per cent; a welcome moderation of the 14 per cent registered for 2003."
House prices for first-time buyers increased by 1.4 per cent, while prices rose by 0.6 per cent for second-time buyers in June. Prices for new houses increased by 1.1 per cent in June, while second-hand prices rose by 0.7 per cent.
Over the first half of this year new and second-hand house prices have grown by 6.9 per cent and 4.5 per cent respectively. New and second-hand house prices grew by 14.7 per cent and 10.8 per cent respectively year on year to June 2004.
