Bernard J. Durkan
Question:136 Mr. Durkan asked the Minister for the Environment and Local Government the gross house price inflation rate for the four year period ending 31 May 2001; and if he will make a statement on the matter. [19316/01]
Written Answers. - House Prices.
My Department's house price statistical data are based on quarterly returns from lending institutions and local authorities and, as such, data for the exact time period requested are not available. However, comparing the nearest available baseline figures, those for the three month period ended June 1997, with the most recently published figures, those from the quarter ended 31 December last, indicates that average new house prices increased during the relevant four years by 80% and average second hand prices by just over 100%.
It is widely accepted that house price increases are continuing to moderate since house price inflation peaked in 1998. This moderation has been achieved against a background of continuing high demand, brought about by a combination of strong economic and demographic factors, and lower interest rates. Comprehensive figures for the first quarter 2001 will be published shortly in my Department's Quarterly Bulletin of Housing Statistics.