House prices nationally grew by 0.8 per cent in January this year, a slight easing in the rate of price growth from an average monthly growth of 1.2 per cent over the six months to December 2002.
The latest Permanent TSB house price index reveals that house prices nationally grew by 15.2 per cent year-on-year to January 2003. This was the highest year on year increase since the twelve months up to May 2001.
The average price paid for a house nationally in January of this year was €207,454. The equivalent price in January 2002 was €180,141.
House prices for second hand houses increased by 1.3 per cent, while prices reduced by 0.6per cent for new houses in January. In December the relative price increases were 1.1 per cent and 0.7 per cent.
Commenting on the results, Mr Niall O'Grady, head of marketing with Permanent TSB said it is likely that the pressure bubble is now moving up the housing chain as people who got their first house a few years ago are now seeking to move on to larger, more established homes - which are in relatively short supply.
Dublin house prices rose by 1.1 per cent in January while there was growth of 0.3 per cent for houses bought outside Dublin.
The average price paid for a house in Dublin in January was €275,720, while the equivalent price for a house outside Dublin was €180,916.