House prices surge by 34% since 2013

House prices nationally have risen by 34%, or more than €56,000, on average since their lowest point in 2013 — and they are set to keep rising as demand continues to far outstrip supply.

According to the latest Daft.ie quarterly report, house prices in Dublin city centre are now 56% higher than their lowest point, while in Cork City the differential is 51%.

Ronan Lyons, assistant professor of economics at Trinity College Dublin and the report’s author, said 40,000-50,000 new homes needed to be built each year if house prices are not to keep spiralling upwards.