Updated: 02/10/17 : 08:13:09
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Average house price up by 21k in past year

The average price of a home is now 253,000, according to a new report.

Average house prices have increased by approximately 21,000 in the past year.

The latest report from MyHome.ie also shows that Dublin house prices have increased by 40,000 to 366,000.

It means the rate of inflation in Dublin has now reached 11.8%, while nationally it's 8.9%.

Report author and Chief Economist at Davy, Conall MacCoille, said the increase is not surprising.

"When we look at the amount of homes available for sale, it's just over 20,000. That's 1% of the housing stock of 2,000,000 homes," he said.

Mr MacCoille said people are taking on more debt in an attempt to get the few homes that are on sale.

"People are getting desperate, people are taking on more and mortgage debts., The median loan-to-income ratio for first-time buyers is about three times their income," he added.