House prices show 20% increase during 2002

HOUSE prices increased by 20% in 2002 and are set to outpace inflation this year, according to estate agents Sherry FitzGerald.

The company disclosed yesterday that their latest survey of house prices indicates that the average price of a second-hand property in Dublin rose sharply by 4.2% during the final quarter of the year bringing the total increase for the year to 20.5%.

The pace of inflation in the rest of the country was slightly more moderate at 3.4% bringing the rate of increase in Ireland to 20% for the 12 months to December 2002.