Dublin house prices ‘stable’ in third quarter

There has been a slight reduction in the rate of increase of Dublin house prices.

House prices have risen 1.7% in the third quarter which forms part of a year-on-year increase of 10.2% to September this year.

The figure to June 2003 was 13.6%, according to estate agents Douglas Newman Good house price gauge.

Prospective house buyers can now expect to an average of €337,467 for a house in the capital.

Commenting on the data, economist Paul Murgatroyd said : "The housing market in Dublin continues to show more stable and sustainable rates of growth, as was forecast at the beginning of this year.

"The current residential market is in a very healthy state at present with demand remaining strong because of low interest rates, and supply having increased markedly compared to last year.

"This means that market conditions are good for both purchasers and vendors at present," he concluded.

The report also mentioned transport infrastructural improvements as having an effect.

Most notable was the opening of the new section of the M1 motorway in north Co Dublin and the "above average" increase in house prices recorded in areas like Balbriggan, Donabate, Lusk and Rush in recent months.