House price growth slows to 8.6% as higher mortgage costs hit

Buyers paid a median price of €300,000 for a property in the 12 months to November. Photograph: iStockHouse price inflation slowed to 8.6 per cent in November, down from 9.8 per cent the previous month, as higher interest rates and cost-of-living pressures continued to cool the market.

The latest data from the Central Statistics Office shows the annual rate of increase in Dublin fell to 7 per cent in November, down from 8.3 per cent, while the year-on-year increase outside the capital was 9.8 per cent. Buyers paid a median price of €300,000 for a property in the 12 months to November. The Dublin region had the highest median price and, within the capital, Dún Laoghaire-Rathdown had the highest median price of €620,000. The highest median prices outside of Dublin were in Wicklow and Kildare , while the lowest was €150,000 in Longford.

Increased borrowing costs and general inflationary pressures have triggered a rapid cooling down in property markets across the world and a correction in some of the more overpriced markets.

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