Official figures show that the rate of price growth for residential property hit its highest level for more than six years at the start of this year.

The Central Statistics Office (CSO) said that prices across the country rose by 14.8% in the 12 months to January 2022 – faster than the 14.3% recorded in December last year.

The annual increase outside Dublin was 16%, higher than the 13.3% figure for the capital.

Border rises highest

In Dublin, house prices increased by 13.6%, and apartment prices by 11.8%. The highest house-price growth in Dublin was in Dublin city at 15.1%.

Outside Dublin, house prices were up by 15.9%, and apartment prices increased by 17.5%. The region that saw the largest rise in house prices was the border, at 24.7%.

Households paid a median price of €280,000 for a home in the 12 months to January 2022, though the figure for Dublin was much higher, at €407,500.

The CSO figures show that property prices nationally have more than doubled from their low point in early 2013.

Volume edges higher

In January, just over 3,500 home purchases by households were filed with Revenue – up almost 1% from the same month last year, but down more than 30% compared with December 2021.

More than 82% of these transactions were linked to existing homes. The total value of transactions filed in January was €1.2 billion.

Revenue data show that there were almost 1,200 homes bought by first-time buyers in January 2022 –an increase of 5.9% from the same month last year. More than 800 of these were for existing homes.