It's not good news for home buyers as the national average price has increased by 7% over the past 12 months.
Cork city prices have seen an 11.7% rise compared with this time last year, up to €335,000, according to the latest report from Myhome.ie
Author of the report, Conall MacCoille, Chief Economist at Bank of Ireland says the average asking price has increase by €20,000:
"Asking price is up 7% on the year so that's still a very substantial rate of increase. In just the past three months, the average asking price has increased by €20,000. What I think we are seeing is that we saw double digit inflation this time last year, that largely reflected the easing of the Central Bank mortgage lending rules so people were borrowing ever higher multiples of their income so that led to the double digit price inflation."
