The housing market continued to cool in April and industry experts are predicting a growth rate of 5 per cent for the year.
House prices nationally rose by just 0.3 per cent in April, according to the latest edition of the permanent tsb House Price Index.
This month's edition of the index also reveals that over the twelve months up to the end of April 2005 the growth in national prices was 6.5 per cent, almost half the equivalent growth rate to April 2004 (12.9 per cent).
An analysis of the figures also reveals that in the month of April 55 per cent of first time buyers actually purchased older houses (as opposed to new homes). A random review over the last twelve months suggests that this figure is typically over 40 per cent which is perhaps higher than might have been expected.
Commenting on the results, Niall O'Grady, at permanent tsb bank said 2005 has been marked by consistent slowdown in prices. "While some sectors of the housing market have experienced more robust growth rates, overall price trends would suggest that 2005 will close with an annual national house price growth in the region of 5 per cent," he said.
The price of a house in Dublin and outside Dublin in April 2005 was €340,850 and €223,030 respectively.
Growth in the first four months of this year has been relatively strong in the Commuter counties, up 2.6 per cent to April 2005 compared with 2.8 per cent in the same period of 2004.
House prices for first-time buyers grew strongly in April 2005 with prices growing by 1.5 per cent, while prices for second-time buyers remained unchanged.