Housing boost as price rises slowing down

Market is stabilising say mortgage advisers

- SEAN MURPHY

HOUSE prices increased by nearly 2.5% in the past year but mortgage advisers claim there is a slowdown that indicates the market is stabilising.

The latest figures were released by the Central Statistics Office yesterday.

A spokesperson said: "The national Residential Property Price Index increased by 2.4% in the 12 months to May."

But that is lower than the 3.4% annual rate of growth that was recorded in April.

And mortgage advisers point out that it is far below the surging annual growth rate of 14.4% at which prices were increasing nationally in May of last year.

As for May past - compared to May of last year - they highlight that residential property prices fell in Dublin by 0.2%.

And prices outside Dublin are up on an annual basis by 4.5% but that is a slower rate than before.

The Association of Irish Mortgage Advisors claimed the latest CSO figures for the Residential Property Price Index indicate a stabilisation.

Its chairperson Trevor Grant said: "The slowdown in property price growth suggests that property prices are beginning to stabilise."