The latest edition of the Permanent TSB House Price Index - compiled in association with the ESRI - reveals that house prices nationally grew by 0.8 per cent during the month of January this year.
This represents a moderate easing in the rate of price growth from an average monthly growth of 1.2 per cent over the six months to December 2002.
Twelve months ago, the comparable index was showing a fall of prices nationally of 0.9 per cent (January 2002).
The index also reveals that house prices nationally grew by 15.2 per cent year-on-year to January 2003. This was the highest yoy 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.
The Permanent TSB house price index is compiled in association with the ESRI. It is widely regarded as the most credible measure of house price movements in the country.
Commenting on the results, Mr Niall O'Grady, Head of Marketing with Permanent TSB said: "A critical development to monitor in the coming months will be the different price trends emerging at the new and established ends of the housing market.
During January, for example, we see that pressure on prices is easing at the new end of the market (first time buyers and new homes) while price growth is still strong at the established end (existing homes or second time buyers). It is likely that the pressure bubble - so acute for first time buyers over recent years - 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. In December the relative price increases were 2.1 per cent and 1 per cent.
In January 2002 reductions of 0.5 per cent and 1.0 per cent respectively were registered.
House prices grew by 17.8 per cent and 14.0 per cent year-on-year to January 2003 in Dublin and Outside Dublin respectively. The equivalent year-on-year growth rates to January 2002 were 2.8 per cent and 2.9 per cent.
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. The equivalent prices in January 2002 were €234,079 and €158,730.
House prices for second-time buyers increased by 1.6 per cent, while prices reduced by 0.2 per cent for first-time buyers in January 2003. In December the respective price increases were 1.3 per cent and 0.8 per cent.
In January 2002 reductions of 1.4 per cent and 0.3 per cent respectively were registered.
House prices grew by 11.9 per cent and 16.7 per cent year-on-year to January 2003 for first-time and second-time buyers respectively. The equivalent year-on-year growth rates to January 2002 were 3.7 per cent and 1.2 per cent.
The average price paid by a first-time buyer and a second-time buyer in January 2003 was €178,670 and €236,152 respectively. The equivalent prices in January 2002 were €159,642 and €202,279.
House prices for second hand houses increased by 1.3 per cent, while prices reduced by 0.6 per cent for new houses in January 2003. In December the relative price increases were 1.1 per cent and 0.7 per cent.
In January 2002 reductions of 0.7 per cent and 1.5 per cent respectively were registered respectively.
House prices grew by 8.0 per cent and 18.6 per cent year-on-year to January 2003 for new and second hand houses respectively. The equivalent year-on-year growth rates to January 2002 were 3.3 per cent and 1.0 per cent.
The average price paid for a new house in January 2003 was €200,641, while that paid for a second hand house was €213,615. The equivalent prices in January 2002 were €185,726 and €180,040.