Latest CSO numbers show average price paid for a home over last 12 months was €328,235
House prices grew at an annual rate of 14. 8 per cent in January, the sharpest level of growth seen in the market in almost seven years, as demand continues to outstrip supply.
Central Statistics Office (CSO) figures show the State’s property market continues to be stoked by pandemic-related factors, such as increased savings, remote working and lower-than-anticipated supply.
“We’re now seeing much larger deposits on the back of the pandemic, primarily down to the fact that some first-time buyers have been able to save up substantial deposits,” Joey Sheahan of consumer advocacy group MyMortgages.ie said.
“ While the cost of buying continues to increase, the cost of renting is almost always higher,” he said.
The CSO’s headline rate of inflation was up from a rate of 14.3 per cent recorded in December and has risen almost continuously since the start of the pandemic. In Dublin, where supply problems are most acute, prices rose at an annual rate of 13.3 per cent while prices outside the capital were 16 per cent higher.