Irish house prices post largest monthly rise since 2007

DUBLIN Wed Sep 26, 2012 6:12am EDT

DUBLIN (Reuters) - Irish house prices posted their largest monthly price rise in five years in August, growing 0.5 percent, the latest sign that the property market is stabilizing after peak-to-trough falls of 50 percent.

Average residential property prices fell by 11.8 percent on an annualized basis, data from the central statistics office said, the smallest annual drop since February last year.

Ireland's property bubble burst spectacularly four years ago after years of reckless lending that left banks with huge losses and homeowners with hefty mortgage repayments.

(Reporting by Conor Humphries; editing by Patrick Graham)

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