Warnings as house prices surge 13%

Soaring house costs that push people further away from their places of work due to unaffordable property prices are causing a form of “involuntary social engineering”, according to a brokers’ body.

Brokers Ireland made the claim following the release of the latest figures from the Central Statistics Office, which revealed that residential property prices across the country increased by 13% in the 12 months to February.

The Midland region showed the greatest price growth, with house prices increasing 14.8%.