House prices are on the rise!

The rise in house prices locally continues to surpass the national average.

House prices rose by an average of 5.9% in the year to March 2016, according to the latest House Price Report released this week by property website, Daft.ie.

The divide between Dublin and the rest of the country persists, with prices effectively stable in the capital – rising just 0.9% in the last year – compared to a rise of 9.7% on average outside Dublin.

In almost all parts of the country, however, inflation now is less than three months ago.

In Westmeath, prices between January and March 2016 were 11% higher than a year previously. The average house price is now €150,000, 27% above its lowest point.

In Roscommon, prices between January and March 2016 were 8% higher than in the same period last year.

The average house price is now €113,000, 24% above its lowest point.

The national average asking price in the first quarter of 2016 was €210,000, compared to €198,000 a year ago and €164,000 at its lowest point.

In Dublin, prices have risen by an average of €91,000 – or 41% - from their lowest point in mid-2012. Outside the capital, the average increase has been €37,500, or 28%, since the end of 2013.

While prices are stable in Dublin, they continue to increase strongly in other cities. Compared to the same period in 2015, prices in the first quarter of 2016 were 14.9% higher in Cork, 14% higher in Galway and 18% higher in both Limerick and Waterford cities. Inflation outside the cities varies from 8.3% in Leinster to 10.4% in Connacht-Ulster.

The total number of properties for sale at any one time continues to fall. At less than 24,000, this is now at its lowest point since February 2007. The biggest falls in availability are now occurring outside Leinster.

Across Munster, Connacht and Ulster, there were 13,500 homes for sale in April 2016, compared to almost 21,000 two years previously.