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As house prices continue to escalate with the recent CSO House Price Index showing an annual increase in February of 16.8 per cent for properties outside Dublin and 13.5 per cent in Dublin, Brokers Ireland has said the market is almost back to the level house prices reached at peak in 2007 - with prices outside of Dublin just 3.9 per cent short of where they were then - and Dublin just over 10per cent behind peak.

As house prices continue to escalate - with the recent CSO House Price Index showing an annual increase in January of 16 per cent for properties outside Dublin and 13.3 per cent in Dublin - Brokers Ireland said the prospect of an increase in interest rates is a real worry for many existing and aspiring home buyers.

ICS Mortgages, the Irish-owned non-bank mortgage specialist, has reported that it provided over €530 million in new mortgages in 2021, representing year-on-year total growth of 143 percent.

Commenting on the most recent Central Bank Retail Interest Rates publication, Brokers Ireland said the drop in the weighted average interest rate on new mortgages in December to 2.76 from 2.79 the previous month is to be welcomed, even if the rate remains the second highest in the euro area behind Greece.