House prices could average an 8% rise

IRISH house prices could average an 8% rise for the year based on the latest figures.

House price growth has accelerated in the second half of this year, with prices for first-time buyers continuing to rise at a much faster rate than other sectors, figures released yesterday show.

The Permanent TSB/ ESRI house price index shows that house prices for first-time buyers rose by 10.8% in the first 10 months of this year, compared with an average of 6.8% for all houses. The figure for second-time buyers was 6.1%. The average price paid by a first-time buyer is now €245,341.