House price growth slows to 3.6%, lowest rise in two years

The slowdown in house prices comes on the back of the most aggressive hike in interest rates ever undertaken by the European Central Bank. Photograph: Simon Dawson/BloombergThe annual rate of house price growth in the State is continuing to slow in the face of higher interest rates and wider cost-of-living pressures.

The latest Residential Property Price Index shows prices increased by 3.6 per cent in the 12 months to April this year, down from an annual rate of 4 per cent in March. The was the lowest rate of increase recorded in two years and comes in the wake of seven consecutive interest rate rises from the European Central Bank, which is expected to lift rates by a further quarter point on Thursday.

In Dublin, the annual rate of inflation fell to just 1 per cent while property prices outside Dublin were 5.6 per cent higher than a year earlier.

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