'Exceptional' growth in house prices signals 'a bumpy ride' for homebuyers

Property prices increased nationally by 12.4% in the year to September 2021. File picture: Denis Minihane

The sharp rise in property prices over the past year shows little sign of abating, with only very high earners likely to be able to afford to buy a home in some areas, an economist has warned.

Yesterday, the CSO published its latest Residential Property Price Index which showed that property prices have more than doubled across the country in the past eight years. It also showed that property prices had increased nationally by 12.4% in the year to September 2021.