November 14, 2019 / 11:21 AM / a month ago

Irish annual house price growth rate slows to 1.1%

DUBLIN, Nov 14 (Reuters) - Annual growth in Irish residential property prices slowed to a more than six-year low of 1.1% in September, data from the Central Statistics Office (CSO) showed on Thursday, as prices in Dublin fell 1.3% year-on-year.

House prices had shot up from 2013 to 2018 following a severe crash just over a decade ago. Prices have risen at more sustainable levels this year and are 16.9% below the 2007 peak when they hit unsustainable levels.

Data earlier this week showed residential rents may also be beginning to stabilise as annual inflation slowed to 5.2% from 12% in mid-2018. However rents in Dublin are 41.5% higher than the 2007 peak, property website said, highlighting the affordability problem in the housing market. (Reporting by Padraic Halpin; Editing by Andrew Heavens)

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