House prices have risen by 2.4% in the Republic of Ireland since the year began. The average price of a home nationwide now just over €299,000 in the first quarter of the year – an 8.4% increase on the same period last year.

The average price nationwide is only 19% below the peak seen in Ireland during the Celtic Tiger. Prices rose in cities across Ireland. In Dublin, prices rose by 4% bringing the average price of a house to over €415,000. In Cork, house prices rose by 3.9% to sit at an average of over €318,000. In Waterford, there was an increase of over 9% in prices – with the average home now selling for nearly €219,000.

As of the start of March there are only 10,000 homes for sale across the country. That figure is significantly below the average in 2019 of 17,500.

Both new and second-hand supply remain weaker than expected before the pandemic. Combined with strong demand and people saving more during the pandemic this has driven up prices.