House prices across the country have risen a whopping 50% since 2013

Once again, the cost of buying a home has increased in Dublin.

House prices continue to rise as a new report reveals that the cost of a home has risen by 7%, aDAFT.iereport has said.

The report by the property website shows that since 2013, the average asking price for a house is now 50% higher.

In Dublin, the usual property price hell, the number is even higher as it rises to a 67% increase since 2012.

Across the country there has been a 2% increase nationally in asking price in the first three months of 2018 compared to the last quarter of 2017. The current average asking price for a home is €247,000.

In Dublin, the average house price is now €368,356, a rise of 2.3% in the first quarter of 2018.

All 11 counties in Leinster saw prices rise, as did all cities and counties in the south of the country in Munster.

The last quarter of 2017 saw over 16,400 transactions which is the highest three-month total since data from the Property Price Register became available in 2010.

Ronan Lyons, an Economics Professor at Trinity College Dublin and author of the report, said that the figures will not shock house hunters.

He said: "The figures in this latest Daft. ie Sales Report are unlikely to surprise many who have an interest in the housing market.

"Comparing prices in the first three months of 2018 with those in the final three months of 2017, they rose in 53 of the 54 markets covered in the report, with only Monaghan recording a slight fall. Compared with prices a year ago, only Donegal has seen a fall.

"It is, in other words, a market that continues to see almost across-the-board strong increases in prices."

The problem remains that there is a lack of properties while a huge demand.

He added: "The growth in demand far exceeds the growth in supply. The fundamental barometer of a healthy housing system is that, where new demand occurs, new supply follows quickly.

"Planning permission was granted for a little over 5,000 apartments, nationwide, in 2017, and for 20,000 dwellings in total – less than half the likely demand. It is often said that the mantra in the housing market is 'location, location, location'. For housing policy in Ireland, it needs to be 'supply, supply, supply'."

Read more news of Dublin on our site.

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