The median price of a home purchased in Ireland in that 12 months was €394,980 with 3,741 homes changing hands in April alone.

The trend of slight falls in home price inflation continues, with the last peak of 10.1% recorded almost two years ago in August 2024.

Areas bucking the trend include the Midlands where prices have risen 12.5% in the last year and the South-East, where prices rose 8.7%.

Inflation is slower than the average in Cork and Kerry, meanwhile, where house prices have risen just 4.1% in the last 12 months.

Trevor Grant, chair of Irish Mortgage Advisors, said this trend should continue into the autumn but warned this may be “short-lived” as inflation may rise again in September and October.

“While the rate of house price growth is easing, let’s not forget that house prices are still rising — so it’s important that the government builds on the momentum that built up around house building earlier this year,” he said.

Rachel McGovern, deputy chief executive of Brokers Ireland, said the market still remains in “dysfunctional territory”.

“Recent Eurostat figures show that 61.7% of 18- to 34-year-olds still live with their parents, compared with just over 50% for the EU average. This is delaying independence and narrowing life choices,” she said.

"We acknowledge that new measures are underway around infrastructure, planning and zoning more land but how quickly these measures will deliver is the question, given that the housing crisis is already so protracted, and having these kinds of societal effects."