A post-pandemic surge in house-buying saw a record number of homes sold in August and the latest figures show a new average price of homes.

A total of 4,295 properties changed hands - up 14% on the 3,764 a year ago and more than double the number when records began in 2010.

However, despite ECB interest rate rises, prices are still soaring by over 12% to a record average of €347,215, up €33,600 over the year or almost €100 a day.

Experts say it's because of a combination of buyers rushing to complete sales before interest rates rise, a rebound from the pandemic lockdown and the Government's Help-to-Buy scheme.

Last August, prices were going up by 10.9% year-on-year. Irish Mortgage Holders Organisation chief David Hall said: "It shows the appetite is there.

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"The next few months' figures I want to know whether the interest rate increase is having an effect or not.

"I'd say some were panicking to complete. Some of the lenders weren't giving you the option to complete at the lower interest rate.

"If the offer expired, it expired, and you had to apply again. I'd say there were people making moves before the market changed.

"The next three to six months are the key ones whether the sales go down because of the interest rate rise.

"The indication is of a cooling, supply hasn't changed that much.

"It's not great but I don't think it's going to be that much of a change."