House prices keep rising faster than cost of living

HOUSE prices are continuing to rise faster than the cost of living, according to the latest barometer of the housing market.

The value of residential properties nationally rose by 3.8% for the first five months of this year compared to the annual rate of inflation of 1.7%.

Despite the continuing climb in house prices, figures from the Permanent TSB House Price Index for May point to a slower rate of growth in house prices. July 2002 was the last time a lower national monthly growth rate was recorded.