March 10, 2017 / 11:19 AM / 2 years ago

Irish property prices up 7.9 percent year-on-year in January

DUBLIN, March 10 (Reuters) - Irish property prices rose by 0.6 percent month-on-month in January to keep annual growth steady at 7.9 percent following the first monthly fall in almost a year at the end of 2016, the central statistics office said on Friday.

House price growth has begun to accelerate again in recent months amid a sharp lack of supply following a recovery from a property crash. An easing of central bank lending rules and a new government subsidy also saw mortgage approvals surge in January.

Prices in Dublin, where the recovery began, were 5.3 percent higher year-on-year, while the rest of the country was up 11.3 percent. National prices are on average 31.8 percent below the peak hit a decade ago at the height of the property bubble. (Reporting by Padraic Halpin; Editing by Alison Williams)

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