CSO: House prices up 7% in first five months of year

House prices have risen by almost 7% in the first five months of 2016 compared to the same period last year.

According to the latest figures from the Central Statistics Office (CSO), property prices rose by 6.9% in the year to May. This compared with a 7.1% rise in April and an increase of 13.8% recorded in the year to May 2015.

Residential property prices increased by 0.2% last month, compared to an increase of 0.3% in April and an increase of 0.5% recorded in May of last year.