Europe

House prices rise 'only in Dublin'

House prices in the Republic of Ireland have increased by 2.8% in the year to August.

Almost all the gains are being driven by the Dublin market where prices are now 11% higher than they were in 2012.

Outside Dublin, prices are almost 3% lower than they were a year ago.

House prices in the Republic are now 49% lower than at their highest level in early 2007.

The inflating and subsequent bursting of a property price bubble was largely responsible for the near collapse of Ireland's banking system in 2008.