House prices rose by 7% over the past year

The inexorable rise of property prices and rents continues seemingly without end.  According to the latest MyHome.ie survey house prices rose by 7% over the past year and by almost 8% outside the capital. And it only takes 2.6months to sell a house these days - close to the quickest on record. Worryingly for house hunters, the average house sells for 7.5% above the asking price. Joining Joe this morning was Conall MacCoille who compiles the MyHome.ie survey and is Chief Economist with Bank of Ireland.