There are further signs today of some recovery in the property market. The price of houses and apartments increased in the year to the end of July by 2.3%.

It follows the first annual growth in property prices in five years during the 12 months to the end of June.

For the second successive month since 2008 Central Statistics Office (CSO) figures show a year-on-year rise in the price of houses and apartments.

Following an increase of 1.2% in the year to the end of June the Residential Property Price Index recorded a rise of 2.3% in the 12 months to the end of July.

It compares to a 13.6% fall in values during the same period last year. Prices rose by 1.2% in July alone.

In Dublin house values increased by 7.5% over the year while apartment prices were up by 11.6%. However outside of the capital residential properties prices fell by 1.5%.

Overall values in Dublin are still 54% lower than at the peak in 2007 with values in the rest of the country 48% lower.