House prices show 5.6% rise in 2002

House prices increased by 5.6 per cent during the first six months of this year according to the latest Permanent TSB House Price Index.

This compares to a drop of 0.4 per cent in the last six months of 2001 and a rise of 4.8 per cent in the first six months of 2001.

The report, compiled in conjunction with the ESRI, showed that the rate of increase for the first six months of this year is higher than the price rises recorded over the full 12 months of 2001.

Dublin house prices rose by 6.8 per cent. This compared to rises of 5.2 per cent for houses outside of Dublin.

The average price being paid for a house in Dublin is now €251,241 with those living outside of Dublin facing a cost of €168,583.

First time buyers faced price rises of 5.2 per cent, compared with 3.9 per cent over the same period last year.

Existing homes showed a sharp increase to 7.4 per cent. During the same period last year prices for these houses rose 4 per cent.

New homes showed slow price inflation, rising 1.7 per cent, compared with 4.9 per cent for the first six months of 2001.