House prices have surged by more than 13 per cent in the past 12 months.

Property websites and both recorded a major pick-up in headline inflation in their latest quarterly reports as the demand for homes heavily outweighs the supply.

The typical asking price for a home nationally rose by 13 per cent to €303,000 in the second quarter, breaking the €300,000 mark for the first time. In Dublin the typical asking price was €412,000, up 10.6 per cent year on year.

House prices have now risen for four consecutive quarters for the first time since 2014.

As of June 21st there was fewer than 12,500 properties available to buy, up slightly from the March total (11,900), but down by more than 6,000 on the same period last year

In Dublin, prices rose 8.4 per cent in the year to June 2021, the fastest rate of inflation since early 2018, but price increases outside the capital are twice as large.

In the cities of Cork, Limerick and Waterford, listed prices were 14.3-15.5 per cent higher in the second quarter, while in Galway city, prices rose 12.6 per cent in the same period.

The average list price for a home in Dublin City was €402,028, up 8.4 per cent year on year. In Cork City it was €303,491, up 14.3 per cent; in Galway City it was €313,360, up 12.6 per cent; in Limerick City, it was €224,587, up 15.5 per cent while in Waterford City, it was €199,562, up 14.8 per cent.

Prices have risen across all 54 regional markets covered by its report. In all markets outside Dublin, price rises are above 12 per cent year-on-year, with Dublin regions all below 10 per cent.