Property prices see first annual rise since 2008

Property prices have recorded their first annual increase since January 2008, according to the Central Statistics Office.

The national increase was caused by steady growth in house prices in Dublin, which have been on the rise for six months in a row.

Analysts now sugest that residential prices troughed at half-peak levels.

The price of residential property rose by 1.2% nationally in the year to June, according to the figures, compared to a decline of 14.4% in the 12 months to June 2012.

Properties in Dublin were behind the national increase, with prices there rising by 4.2% in the year to June. A lack of available supply is the main reason for the increase.

Prices in the rest of Ireland fell 1% during the previous 12 months.

On a monthly basis prices rose by 1.2% nationally. Dublin prices saw a month-on-month increase of 1.7% in June, while prices in the rest of the country rose by 0.7%.

Overall, property prices are 50% lower than at their peak in 2007, according to the CSO.

Dublin house prices are down 54%, while apartment prices in the county are 58% lower.

In the rest of the country, prices are 48% lower than they were at their peak six years ago.

Elsewhere, a report from the estate agents Douglas Newman Good, suggests there was an annual house price increase in Dublin of 15.1% to the end of June.

DNG's report says that in April, May and June the increase of 4.4% reflects four consecutive increases in Dublin house price values.

It also said that cash transactions made up 62% of purchases in the first three months of 2013 and that the average price of a second hand home in Dublin now stands at €279,000.

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