The rate of increase in house prices in Dublin continued to soften between July and September, latest data compiled by estate agents DNG shows.
Its residential market review shows that between January and September, the average price of a second-hand house in the county rose 6.4%.
That compares to 9.9% in the year to last December.
In the third quarter alone, the House Price Gauge (HPG) shows value of second-hand properties rose by 0.4%.
DNG said that this was the lowest level of quarterly increase in almost two years.
“Increased stock available on the market this autumn, Covid related pent up demand unwinding, and rising interest rates are all serving to reduce the rate at which residential property prices are increasing across the capital,” said DNG’s Director of Research, Paul Murgatroyd.
But Mr Murgatroyd added that the “residential transaction levels conducted by the agency were very strong in recent months, running 13% ahead of the same period last year. “
The trend was also recorded in apartments in the capital, with data showing an increase in the average price of one in the year to September of 4.4%, compared to 7.4% in the year to December.
While apartment prices in the third quarter alone rose 0.5%.
DNG is projecting that overall house prices will finish up around 6% for the year.
“One factor driving the stabilisation in prices is the increase in supply in the second hand market, with 25% more resale properties available to buy now in Dublin compared to a year ago,” said DNG CEO Keith Lowe.
“This is undoubtedly being driven in part by the continued sell-off of buy-to-let properties as landlords continue to leave the rental market.”
