The slowed growth compares with an increase of 6.4 per cent in the year to December 2018 and an increase of 11.8 per cent in the year to January 2018.

In Dublin, residential property prices rose by 1.9 per cent in the year to January 2019, with house prices rising by 2.3 per cent and apartments by 1.6 per cent. The largest price growth was in South Dublin at four per cent, while the lowest was in Fingal at 2.6 per cent.

Across the rest of the country, prices rose by 9.5 per cent, with house prices up by 8.5 per cent and apartments up by 18.6 per cent. Outside of Dublin, the largest rise was in the Mid-West at 16.5 per cent, while the lowest was in the Mid-East at 5.1 per cent.

Overall, the national index is 18.4 per cent lower than its highest level in 2007. Dublin residential property prices are 22.4 per cent lower than their February 2007 peak, while residential property prices in the rest of Ireland are 21.7 per cent lower than their May 2007 peak.

Property prices nationally have increased by 82.1 per cent from their trough in early 2013. Dublin residential property prices have risen 92.3 per cent from their February 2012 low, whilst residential property prices in the rest of Ireland are 80.1 per cent higher than at the trough, which was in May 2013.