According to property website MyHome.ie, house asking prices rose by 7.3 per cent year on year in the second quarter, the fastest pace of growth recorded in two years.

And buyers report that the price they actually pay often way exceeds the original asking price as many buyers chase too few properties so that percentage rise is likely to be an underestimation.

This year the Government is spending more than €8 billion to address the housing crisis and inflation is running at 1.5 per cent – so why are prices not coming down?

Economics columnist Cliff Taylor explains.

Presented by Bernice Harrison. Produced by Suzanne Brennan.

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Why are Irish property prices still rising?