Property prices increased by 8% in last year - CSO

James Cox

CSO figures show property prices rose by 8 per cent in the 12 months to February.

That compares to a rate of 8.2 per cent in the year to January.

Prices outside Dublin increased by 8.7 per cent, while in the capital they were up 7.1 per cent.

The median price of a home was €360,000, according to the CSO Residential Property Price Index.

The border region - Cavan, Donegal, Leitrim, Monaghan, and Sligo - saw the largest increase in property prices at 13.4 per cent, while at the other end of the scale the mid east - counties Kildare, Louth, Meath, and Wicklow - saw a rise of 5.8 per cent.

“We’re talking about ongoing growth in house prices which are already high,” said Rachel McGovern, deputy chief executive at Brokers Ireland. “Housing policy must break with the disturbing acceptance there has been of the low level of housing delivery.”

She said the fact that some are now looking towards a recession to calm house price growth is an "appalling situation", and speaks to the dysfunction of housing policy.

“For far too long, over a decade, we’ve accepted piecemeal, incremental growth in supply at a time when our population has been growing rapidly.

“The Government’s awaited new housing plan must involve a fundamental shake-up in the State’s response to housing,” she said.

And she said to date a number of new initiatives have been promised, including a housing czar; a new Strategic Housing & Infrastructure Delivery Office, and a new coordination and implementation group to operate from the Taoiseach’s department.

“We all know what the impediments are,” she said. “It’s beyond time to break down the barriers.”

She said Government actions need to be “urgent, unprecedented, brave and decisive".