House prices rise over 12% in the year to May

House prices rose by 12.4% in May and by almost 11% over the last year but the rate of growth is slowing, new data show.

The Residential Property Price Index, published yesterday by the Central Statistics Office (CSO), also shows that while house prices have increased by 77.7% since the trough in early 2013, the national index is still 20.4% lower than its peak in 2007.

The latest figures show house prices increased 12.4% in May compared to a 13.5% rise in the year to April and up 10.9% in the 12 months to May 2017.