House prices outside Dublin see strong growth, while Dublin prices stagnate or fall

House prices outside Dublin see strong growth, while Dublin prices stagnate or fall

There has been a strong increase in house prices outside Dublin, while homes in the capital have seen a fall in value.

The latest report from property experts Daft shows the average asking price nationally rose by 3.9% this summer.

That means home buyers are now paying €205,000 on average, compared to €190,000 this time last year.

In Cork prices went up by 6.8%. In both Galway and Waterford there was a 7.2% hike, but the biggest increase was in Limerick which saw a 7.7% increase.

House prices outside Dublin see strong growth, while Dublin prices stagnate or fall

However, it's a different picture in Dublin where the average price fell by 1.4% over the last three months.

Report author Ronan Lyons said the current picture was a complete U-turn on 2014.

He said: "If you think back to this time last year, it was Dublin that was driving the house prices increases and in many parts of the country house prices were still falling, and had been since 2007.

"Now we see the area outside Dublin driving house price increases. In many parts of Dublin, house prices are stable now and in a couple of postcodes, prices have actually fallen in the 12 months to September."

He added the effects were being felt in Dublin of new Central Bank rules, while in the rest of the country, the economic recovery was spreading out and pushing incomes up which was being felt in the housing market.

"It had been a Dublin-focused economic recovery (but) it's now spreading to the rest of the country," he said.

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