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Irish residential property prices on the rise again in March

Reuters - UK Focus

DUBLIN, April 28 (Reuters) - Irish residential property prices rose by 0.9 percent in March to push prices 16.8 percent higher year-on-year following falls in the previous two months that slowed a recovery from a 2008 real estate crash.

The month-on-month increase came after the first contraction for 10 months in January. Property prices in Dublin, which led the recovery, were also on the rise again, climbing 1.1 percent on the month to stand 22.8 percent higher than a year ago.

While prices across Ireland (Other OTC: IRLD - news) are 38 percent below their 2007 peak, the central bank introduced restrictions on mortgage lending in January to try to ensure price rises do not return to unsustainable levels. (Reporting by Padraic Halpin; Editing by Louise Ireland)