Average house price rises 0.5%

The average cost of a house in Ireland increased by 0.5% last month, according to the latest Permanent-TSB house price index.

The 0.5% increase is slightly lower than the 0.8% price rise recorded in January 2003.

Permanent-TSB said last January’s price rise was in line with predictions of a 6-8% increase in house prices this year.

The financial institution said the average price of a house in Ireland last month was just over €235,000, with prices in Dublin now averaging more than €308,000.