House prices are rising by more than €50 a day

Prices have risen by almost 47% on average since 2013

House prices are rising by more than €50 a day

File photo

A new report shows house prices nationally over the last year have risen by more than €50 on average every day.

The latest house price report released by Daft.ie says the national average list price is now almost €241,000 - 8.9% higher than a year ago.

It means that prices have risen by almost 47% on average from their lowest point in late 2013.

Source: Daft.ie

The annual rate of inflation in Dublin was 9.9% in the year to September. Daft says this is the second quarter in a row where it exceeds the rate in the rest of the country (8.2%).

The rate of inflation in Dublin has also exceeded the rate seen in each of the four other major cities for the first time since 2014.

In Cork, the change in prices over the last year has been 5.1%, its lowest in over three years, while in Galway the figure was 9.2%.

In both Limerick and Waterford cities, the rate was close to 8.5%, similar to the rate seen elsewhere in the country.

Source: Daft.ie

The number of properties available to buy on the market nationwide continues to fall, albeit at the slowest rate in over five years.

There were almost 24,000 properties on the market on September 1st - 4% lower than the same date a year previously.

Daft suggests this is from extra supply rather than less demand - with over 40,000 properties listed in the first eight months of the year, compared to 37,600 in the same period in 2016.

Source: Daft.ie

Commenting on the figures Ronan Lyons, author of the report, said: "The relaxation of the Central Bank rules on the minimum deposit would be expected to bring about a one-off jump in house prices, particularly in Dublin.

"This appears to have happened in the first half of the year, when prices in the capital rose by 10% in just six months.

"Since June, though, prices have largely been stable, suggesting the change in rules has run its course.

"Nonetheless, with a shortage in supply, largely due to the lack of new homes being built, there is little to suggest that house prices will fall in the months and years ahead."