Update: House Price Inflation – Finance 2nd October, 2014

QUESTION NO:  83
DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)
by Deputy Bernard J. Durkan
for WRITTEN ANSWER on 02/10/2014 

 To ask the Minister for Finance the extent to which house price inflation continues to be monitored; and if he will make a statement on the matter.
 
REPLY.

The most recent Residential Property Price Index for August 2014 published by the Central Statistics Office indicates that national residential property prices increased by 2.3 per cent between July and August and by 14.9 per cent on an annual basis. Prices in Dublin increased 3.5 per cent over the month to August and were up 25.1 per cent in year-on-year terms. Outside of Dublin the rate of price growth stood at 0.8 per cent between July and August, up 5.6 per cent in year-on-year terms.

In relation to house prices specifically, in the year to August these increased by 14.6% nationally. In Dublin the price increase was 24.7% and outside Dublin house price inflation stood at 5.8% for the year.

I wish to assure the Deputy that my Department continues to monitor price and other developments in the house purchase and rental property markets. As set out in the Construction 2020 Strategy, the Government continues to work on addressing remaining challenges in the property and construction sectors.