Fears raised of new property bubble as price spike for 10th month in a row

Fears of a new property meltdown are rising after prices surged for the 10th month in a row.
The pace of rises has also picked up again, with an increase of 7.3pc in the year to March. Prices are now at record nominal highs, having doubled since the low point of a decade ago.
It comes as a mortgage price war has broken out in the market, with PTSB the latest to slash its lending rates. The lender cut some of its mortgage rates by one percentage point - its third cut in recent months.
An acute shortage of second-hand homes in particular is driving up property prices.
Prices are now 9pc higher than the highest level they reached at the peak of the property boom in April 2007.
Economist Austin Hughes said “cheaper money is translating into dearer houses”.
He acknowledged there was now what looked like a boom in property prices.
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