Second property price report shows slight rise in 2014 prices

A second report on property prices says the cost of buying a home rose in the last quarter of 2014.

The MyHome report says prices rose by 0.6%, compared to a report from Daft.ie which says prices actually fell.

However both reports, which are compiled from the property retailers' own listings, say the cost of housing rocketed by over 14% last year - a rate not seen since the Celtic Tiger years.

Economist Caroline Kelleher wrote the report for MyHome and she says that sort of increase simply cannot continue.

She said: "This rate of growth is very excessive ansd is not sustainable in the long term.

"What we are seeing now is a moderation in that growth rate and this is likely a reflection of trends in the market.

"For instance, Central Bank lending rates and also the removal of Capital Gains Tax relief which was also introduced previously."