House prices up - except in Dublin

The average price of a home in Ireland increased by 0.5% in August, according to official figures released today.

This compares with an increase of 0.2% in July and a decline of 1.6% recorded in August of 2011.

In Dublin however, residential property prices fell by 0.5% in August and were 13.8% lower than a year ago.

Dublin house prices decreased by 0.7% in the month and were 14.4% lower compared to a year earlier. Dublin apartment prices were 13.4% lower when compared with the same month of 2011.

The price of residential properties in the rest of Ireland rose by 1.3% in August compared with a decline of 0.3% in August last year. Prices were 10.7% lower than in August 2011.

Overall, the price of residential property nationally has fallen by 11.8% in the last year, compared to an annual rate of decline of 13.6% in July and a decline of 13.9% recorded in the twelve months to August 2011.

House prices in Dublin are 56% lower than at their peak in early 2007.

Apartments in Dublin are 63% lower than they were in February 2007.

Residential property prices in Dublin are 57% lower than at their highest level in February 2007.

The fall in the price of residential properties in the Rest of Ireland is at 46%.