Shortage of large homes drives up house prices

HOUSE prices in Dublin have been driven up because of a shortage of family-sized homes in the city.

Estate agents Douglas Newman Good said prices at the top end of the market (homes worth in excess €700,000) have soared by 21% since last year.

At the lower end of the market (houses worth less than €350,000), prices have risen by just 7% since September 2003. On average, Dublin house prices have risen by 11.6% in the last year, with larger gains for houses on the southside because of the supply shortage.