July 11, 2017 / 10:18 AM / a year ago

Irish house prices post fastest annual growth in two years

DUBLIN (Reuters) - Irish residential property prices climbed 11.9 percent in the year to the end of May, the highest annual growth rate since April 2015, data showed on Tuesday.

Construction cranes are seen in the Irish Financial Services Centre in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne

House price growth has been accelerating amid a chronic lack of supply and a surge in demand for mortgages following an easing of central bank lending rules and the introduction of a new government subsidy.

Prices for houses outside of the capital grew 12.8 percent in the year to the end of May compared to annual growth of 11.2 percent in Dublin, the Central Statistics Office said.

Reporting by Conor Humphries; Editing by Andrew Heavens

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