Nine-year low for house price rises

HOUSE price increases have slowed down to their lowest level for nine years, according to the latest figures released yesterday by Permanent TSB and the Economic and Social Research Institute (ESRI).

The latest monthly survey carried out by the mortgage lender, in conjunction with the Government think-tank, found that house prices grew by just 1.8% in the first five months of the year.

This was less than half the 3.7% recorded in the same period last year and the lowest rate ever recorded since the survey was first carried out nine years ago.