Irish house prices showed ongoing moderation as they rose by only 3.3 per cent in the first seven months of the year compared to 5.6 per cent in the same period last year.
However, first-time buyers are paying more for their houses, according to the latest ESRI/tsb house price index published this morning.
Over the first seven months of this year house price growth for first-time and second-time buyers was 5.6 per cent and 2.6 per cent, respectively. The equivalent growth rates over the same period in 2004 were 4.6 per cent and 6.3 per cent.
In July, the price of houses rose nationally by 0.9 per cent, up on growth recorded in recent months (April 0.3 per cent, May 0.5 per cent, June 0.6 per cent).
The index also shows that over the last twelve months, July 2004 to July 2005 inclusive) the growth in national prices was 6.2 per cent.
The average price paid for a house nationally in July of this year was €262,688, up just over €8,000 on that recorded in December 2004.
Niall O'Grady, head of marketing, permanent tsb bank, said house price growth has been quite moderate in the first half of the year and said growth of close to 5 per cent for the year "remains likely".
Dublin house prices grew by 4.6 per cent in the first seven months of 2005, while the equivalent growth rate outside Dublin was 3 per cent.
House prices in the commuter counties of Louth, Meath, Kildare and Wicklow has been relatively strong during the first seven months of 2005, up 3.8 per cent to July. The equivalent growth rate to July 2004 was 5.9 per cent for commuter counties.
House price growth in the commuter counties year-on-year to July 2005 was 3.9 per cent, down from that recorded in June 2005 (4.5 per cent) and July 2004 (11 per cent).
Over the first seven months of this year, new and second-hand house prices have grown by 3.9 per cent and 2.9 per cent respectively. The equivalent growth rates over the same period in 2004 were 7.8 per cent and 5.4 per cent.
New and second hand house prices grew by 8.3 per cent and 6.1 per cent respectively year on year to July 2005.
