Official figures show that growth in residential property prices continued to slow in November, with the annual increase falling to 8.6%.

This compared with 9.7% in October, when the annual rise had dipped below 10% for the first time since July 2021.

The Central Statistics Office (CSO) said that prices of homes increased by 0.2% during November alone, compared with a 1.3% monthly jump in the same month in 2021.

West shows biggest increase

Prices in Dublin rose at an annual rate of 7% in November, while the increase outside the capital was 9.8%. Both figures also showed a slowdown from October.

In Dublin, house prices increased by 7.1% and apartment prices were up by 6.4% over the 12-month period. The highest house-price growth in Dublin was in South Dublin at 11%.

Outside Dublin, house prices were up by 10.2% and apartment prices rose by 4.7%. The region outside of Dublin that saw the largest rise in house prices was the West (15.6%).

More first-time buys

The CSO said that 4,901 dwelling purchases by households were filed with Revenue in November – an increase of more than 7% compared with the same month last year.

Around 83% of these were linked to existing homes, while 17% were purchases of new homes.

There were 1,634 purchases by first-time buyers in November – an increase of 13% compared with the same month in 2021.

Households paid a median price of €300,000 for a residential property in the 12 months to November 2022.