Property prices rose at an annual rate of 6.9 per cent in June, up from 5.4 per cent the previous month. This was the fastest level of growth seen in 2½ years.

This goes to show the State’s property market still continues to be stoked by pandemic-related factors, such as increased savings and low supply.

Prices in Dublin rose by 6.4 per cent on an annual basis in June, while prices outside Dublin rose 7.4 per cent.

Factors such as increased savings, home working and ex-pats returning from London after Brexit  have led to an acceleration prices.

The number of property transactions in June rose month on month by 8.3 per cent to 3,473. The total value of transactions filed with Revenue was €1.1 billion.

Existing dwellings accounted for 85 per cent of the homes purchased, while the balance of 15 per cent was new dwellings.

The figures show households paid an average price of €265,000 for a home in the Republic over the past year. The Dublin region had the highest average price at €395,000.

Within the Dublin region, Dún Laoghaire-Rathdown had the highest average price at €555,000, while Fingal had the lowest at prices €360,000.

The highest average prices outside of Dublin were in Wicklow at €365,000 and Kildare at €329,950, while Leitrim and Longford had the lowest prices at €120,000.