Annual house price growth appears to be softening in Ireland

Property prices in Ireland increased by 8.6% nationally in the 12 months to August 2018, down from annual growth of 10% recorded in the previous month.

It is also down from the annual rate of growth of 11.8% in the year to August 2017, suggesting some softening in the market, according to the official figures published by the Central Statistics Office.

A breakdown of the figures show that in Dublin prices increased by 6.1% year on year with houses up 5.5% and apartments up 9.3%. The highest house price growth was 9% in Dún Laoghaire-Rathdown and the lowest 5% in South Dublin.

In the rest of Ireland prices increased by 11.4% year on year with houses up 10.8% and apartment prices up 16.4%. The highest growth was in the Mid-West region at 21.5% and the lowest was 6.1% in the Border region.

Overall, the national index is 18.9% lower than its highest level in 2007. Dublin prices are 21.5% lower than their February 2007 peak, while prices in the rest of Ireland are 23.5% lower than their May 2007 peak.

From the trough in early 2013, prices nationally have increased by 81.1% while in Dublin prices have increased 94.5% from their February 2012 low and in the rest of Ireland prices are 76% higher than the trough of May 2013.

In the 12 months to August, the median price paid was €240,000. The highest median price was €363,000 in Dublin. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price at €525,000 and Dublin City had the second highest median price at €360,000 while the lowest median price was in Fingal at €322,661.

Outside of Dublin, the region with the highest median price was the Mid-East at €265,000. The Mid-East contained the three counties with the highest median prices with Wicklow at €310,000, Kildare at €287,250 and Meath at €262,999.

The Border was the region with the lowest median price at €120,000. County Leitrim had the lowest median price in the Border region and the second lowest median price overall at €95,000 while the county with the lowest median price in the state was Longford in the Midland region at €90,800.