Residential property prices up by 7% on last year

Available properties continue to fall

The price of residential property went up by more than 7% in the year to March.

Figures released by the CSO show that although there's been an increase, the rate has slowed from a rise of 8 percent in February.

While in the 12 months to February 2016, residential property prices went up by 16.8%.

House prices in Dublin are 34.3% lower than at their peak in early 2007 while outside of the capital, they are 35.4% lower than their highest level in September 2007.

Earlier this month, announced that the number of properties for sale here has hit a nine year low.

At less than 24,000, the number is at its lowest point since February 2007.

The biggest falls in availability are now outside Leinster.

Across Munster, Connacht and Ulster there were 13,5000 homes for sale in April 2016 - compared to 21,000 just two years earlier.

Prices are said to be rising because the increase in population each month is not being matched by an increase in new homes.