September 12, 2017 / 10:32 AM / a year ago

Irish house prices post fastest monthly rise in three years

DUBLIN (Reuters) - Irish residential property inflation posted its fastest monthly rise in three years in July, as a lack of supply combined with surging demand helped to push prices up 3 percent, data showed on Tuesday.

A crane is seen behind a row of residential properties in the Capital Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne

Annual price growth hit a two-year high of 12.3 percent, up from 7.1 percent a year ago, as prices were also buoyed by an easing of lending rules, a new government subsidy for first-time buyers and continued strong economic growth.

Nationally, prices are 28 percent below the peak they hit a decade ago at the height of the property bubble. They have increased 60 percent on average from a 2013 low.

Reporting by Conor Humphries; editing by John Stonestreet

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