House prices rose by an average of 4.6 per cent in the first three months of the year, according to a report by property listing site Daft.ie.

But for the first time in almost four years, growth in Dublin's prices lagged behind the rest of the country.

In the capital, prices rose by 2.9 per cent since the beginning of the year, compared to a figure of 5.9 per cent for properties outside Dublin.

Prices increased by 7.2 per cent in Cork, 6.8 per cent in Galway and Limerick, and 4.9 per cent in Waterford. The average rise for non-urban areas was 5.8 per cent.

The average asking price now stands at €201,000, breaking the €200,000 figure for the first time since mid-2011. 

Trinity College academic Ronan Lyons, who authored the report said:

"It is clear that the Central Bank rules have had an impact on the market. Dublin prices are now anchored to real economic conditions, with survey respondents expecting significantly slower house price growth now than a year ago.

"Similarly, compared to a year ago, a far higher proportion of respondents, in the capital and elsewhere, indicated the need to save for a deposit as a key reason for delaying buying a home.

"Outside Dublin, the Central bank rules that link mortgages and incomes seem to have had, if anything, a positive impact on prices. The fact that house prices vary across the country by far more than incomes do means demand should reshuffle from Dublin to elsewhere in the country.

While this may sound helpful, it does not address the underlying lack of supply in Dublin, which needs to be addressed as a matter of priority."