House buyers are finding it ever more difficult to buy property as a new report shows how homes are selling above their asking price across the country.

Homes are selling for almost 4% more than the asking price.

In Dublin – where the average price is just over €508,000 – sold prices are almost 5% more, that’s an extra €24,000 over the asking price.

Nationally, prices rose 8.4% in the year to March, in line with the inflation rate of 8.1% seen in the year to December.

Daft.ie report author and Trinity College Economics Professor Ronan Lyons said while Covid initially dampened prices, they have increased quarter-on-quarter nationally for almost two years.

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The number of homes on the market for sale is down by 20% on a year ago, the report also found.

Daft.ie’s property reports have been going since the start of 2006 and Mr Lyons said: "In all that time, there has never been a period where prices increased for seven consecutive quarters – the longest streak was six, early 2006 to mid-2007."

However, despite Covid problems on building sites, Housing Minister Darragh O’Brien expects new house building to ramp up soon to the 33,000 a year needed to keep up with strong demand.