IPAV: ‘New house prices up 8% in past 12 months’

The average price of a new house in Ireland has risen by 8% in the past 12 months, according to a survey conducted by the Institute of Professional Auctioneers and Valuers.

The survey also found that the average price of second-hand homes had increased by 6% in the past year.

Nationally, the average price of a new house was found to be €233,000, while the average price of a second-hand house was found to be €238,000.

A spokesman for the IPAV put the higher cost of second-hand homes down to the scarcity of new homes available in city centre locations, thereby heating up the market for second-hand homes in prime locations.

Prices in Donegal, Monaghan and Cavan were found to be lowest at an average of €181,000, while prices in Dublin were unsurprisingly highest at an average of €380,000. Most auctioneers questioned as part of the survey said they were expecting further price rises next year.