House price growth continues to slow

Wed, 15 Feb, 2023 - 13:28

Muireann Duffy

The price of residential properties increased by 7.8 per cent in the 12 months to December 2022, according to the latest figures from the Central Statistics Office.

In December, 5,213 dwelling purchases by households at market prices were filed with Revenue, up 0.8 per cent on the same month of 2021.

The median price for a house in the year to December was €305,000 overall, while Longford had the lowest median by area (€152,000) and Dún Laoghaire-Rathdown had the highest (€625,000)

Although the price of homes was up almost 8 per cent in the year, it showed a slight decline on the corresponding figures for earlier months.

In the 12-months to November 2022, prices jumped 8.5 per cent, trending downwards from October's 9.6 per cent annual increase, and September's 10.7 per cent.

Houses in the west of the country showed the largest annual increase, rising by 14.9 per cent, followed by houses in the Border region (up 11.5 per cent).

The cost of new residential properties was 10 per cent higher in the last quarter of 2022 compared to the same period of 2021, while the corresponding figures for the price of existing dwellings was up 8.3 per cent.