House prices rise by an average of 7% nationwide in last 12 months, figures show

The average price of a house nationwide has risen by 7% in the last 12 months, new figures show.

The latest Daft.ie House Price Report shows that since 2013, the average asking price for a house is now 50% higher. In Dublin, this number rises to a 67% increase since 2012.

There has been a 2.% increase nationally in asking price in the first three months of 2018 compared to the last quarter of 2017, making the currrent average asking price for a home to be €247,000.

In Dublin, the average house price is now €368,356, a rise of 2.3% in the first quarter of 2018.

In 53 out of all 54 markets, prices rose between January and March, with Monaghan recording a small fall, and Donegal the only market to see a decrease in prices in the last year.

All 11 counties in Leinster saw prices rise, as did all cities and counties in Munster.

Prices rose across Connacht and Ulster but remained stable in Galway city and Monaghan.

Graphic from Daft.ie showing the most and least expensive areas to buy in Ireland.

The final quarter of 2017 saw over 16,400 transactions which is the highest three-month total since data from the Property Price Register became available in 2010.

Ronan Lyons, an Economics Professor at Trinity College Dublin and author of the report, said that reason that prices are rising "is not complicated".

"The growth in demand far exceeds the growth in supply. The fundamental barometer of a healthy housing system is that, where new demand occurs, new supply follows quickly," he said.

"This should be true for the housing system as a whole – i.e. both market and social housing segments. But a closer look at the figures reveals just how dysfunctional Ireland’s housing system is."

"Planning permission was granted for a little over 5,000 apartments, nationwide, in 2017, and for 20,000 dwellings in total – less than half the likely demand. It is often said that the mantra in the housing market is 'location, location, location'. For housing policy in Ireland, it needs to be 'supply, supply, supply'."

- Digital Desk