Business

House prices in Dublin on the rise

HOUSE prices in Dublin are now rising at more than seven times the rate of the rest of the country.

Latest official figures reveal the cost of buying a house in the capital has surged almost 25 per cent over the past year.

Concerns have been raised about the huge gap between prices in Dublin and elsewhere, with observers warning it will continue to widen until more housing is put on the market.

The latest Central Statistics Office report shows house prices rose 3.1 per cent in Dublin last month alone, compared with the 2.8 per cent national average.

Overall, the cost of buying a house continues to rise at its fastest rate since the economic crash - with prices nationally up 12.6 per cent.

But the national figures are being skewed by the surge in the capital. When Dublin is taken out of the equation, house prices have risen just 3.5 per cent over the past year.