– 12 July 2013 02:30 PM
HERE we go again. House prices are on the up, according to a report from estate agents.
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Homes in the capital jumped 6pc in 2013 alone and by up to 11pc over the past 12 months.
Nationally, the cost of buying property has risen by 3.6pc, research from estate agents Sherry FitzGerald says.
Prices crashed by as much as 50pc since 2007, before the property bubble burst.
But just as houses and apartments were becoming more affordable to those who didn’t buy in the boom, the estate agents’ research says here are key signs of a strong recovery.
RENTS
However, the research confirmed that there is an uneven spread in demand.
Parts of the capital are experiencing heavy demand for some types of house but demand – and prices – are lower in many other areas.
Just last month the Organisation for Economic Co-opeation and Development (OECD) said house prices here had fallen too far.
Ireland was bracketed with Greece, Portugal, Slovenia and a number of other countries where prices were judged to have fallen further than warranted.
The Paris-based think-tank used rents and the amount of income it takes to buy a typical house to reach its conclusion about the undervaluation of property in these countries.
The average price of a property in Ireland is now listed at around €156,000.
STABLE
Figures from the Central Statistics Office (CSO) found that prices in April rose countrywide and in Dublin – the first time in six months that this has happened.
Property prices have remained relatively stable over the last 12 months, the CSO index indicates.
Prices are down 50pc since the market peaked at the start of 2007.
At the height of the boom it took nine times the average wage to buy a typical house – now it takes just 4.5 times.
All of these statistics come on the back of separate figures at the beginning of this month which show that construction rates are also ramping up.
The number of new houses constructed in the first three months of the year has increased by almost a fifth, according to the Construction Industry Federation.
And a total of 965 units were started around Ireland in the first quarter of 2013 – an increase of 20pc on 2012.
The level of house building has particularly increased in Dublin and Galway.
clairemurphy@herald.ie
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