Property market - Silver lining as house prices surge

HOUSE prices look likely to increase by 5% to 7% in 2005. The average price of a three-bedroom house is already €248,989, which compares with €71,837 for a similar house in December 1996.

This really presents a frightening rise in the cost of housing, because the average price should rise to well over a quarter of a million by the end of the year.

The actual price of a house is largely dependent on location.