WE DON’T NEED a new report to tell us that house prices in Ireland are high – we’re living that reality. However the new Knight Frank Global House Price Index has found that prices in this country are rising faster than anywhere else in the world.
The index shows a 15% increase in prices in the year to September, noting that they still remain 39% below their pre-crisis peak in 2007.
We had the highest six month increase from the first to the third quarter of this year at 13.5%.
The UK’s market, which had a housing bubble similar to ours, also experienced a significant turnaround in the last twelve months, while countries like Dubai and Hong Kong have seen price growth slow.
The news comes as the Department of Finance this week asked the Central Bank to go easier on those looking to buy homes for the first time. The bank recently said it wants most first-time buyers to front 20% of the cost of the house as a deposit – something critics say could push people out of the market entirely.