House prices continue to soar

Auctioneering firm Douglas Newman Good has reported a 4.7% increase in house prices over the last three months, bringing the average price to €325,000 at the end of March.

Douglas Newman Good said the annual price increase to the end of March was 19.2%.

The company said the increase was driven by extremely low interest rates and the fact that demand is still significantly outstripping supply, particularly in the second-hand market.

It also predicted a continuation of the price rises in the short term.