Property prices up by 9.8% in 12-month period

In Dublin, residential property prices saw an increase of 8.3%, while property prices outside the capital were 11% higher than a year earlier.

Higher interest rates and significant building cost hikes do not bode well for those on average incomes hoping to own their own homes anytime soon, brokers have warned.

It comes as data from the Central Statistics Office (CSO) show that property prices increased by 9.8% in the 12 months to October, down from 10.7% in the year to September, with prices outside Dublin increasing at a faster rate than those of the capital.