Residential property prices up 7.3 per cent in year to September

It compares with an increase of 6.8 per cent in the year to August and an increase of 4.2 per cent in the twelve months to September 2015.

The full statistical release is available from the CSO website.

Commenting on the figures, Alan McQuaid from Merrion Stockbrokers told RTÉ News: “A lack of supply of houses has clearly pushed up prices, particularly in the Dublin area in the past three years, but it is not something that can be rectified overnight.

“Until this issue is addressed, prices in the capital and its outskirts will likely remain elevated.

“However, tighter mortgage lending restrictions imposed by the Central Bank will help to contain house prices to some degree, and will continue to have an impact going forward.

“There are also potential negative impacts from ‘Brexit’. Against that, the tax-incentive scheme for first-time buyers announced in the October Budget will keep upward pressure on prices until new supply comes on the market.”