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Irish annual house price growth rate cools slightly in May

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By Reuters
Irish annual house price growth rate cools slightly in May
FILE PHOTO: Colourful houses are seen in the mist in the County Kerry village of Portmagee, Ireland, May 4, 2018. REUTERS/Clodagh Kilcoyne   -   Copyright  CLODAGH KILCOYNE(Reuters)
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DUBLIN (Reuters) – Irish residential property price growth cooled slightly on an annual basis in May to 2.8%, data from the Central Statistics Office (CSO) showed on Wednesday, but prices rose at their fastest monthly pace since late last year.

A sharp recovery in house prices began six years ago and accelerated in 2017 amid tight supply. But price growth lost steam over the past 12 months as prospective buyers’ affordability was stretched and record-high rents limited the ability of others to save a deposit.

Prices rose 0.5% month-on-month on a national basis in May, pushing annual growth up a touch to 0.6% in Dublin and down marginally to 5.1% outside the capital. National prices are 18.2% below the peak hit at the height of a property bubble just over a decade ago.

(Reporting by Padraic Halpin; Editing by Conor Humphries)

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