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Monday, 4 July 2011

House Prices Tumble...

House prices continue to tumble despite faster selling time...

HOUSE prices are continuing to plummet with asking prices now as much as 47pc lower than the peak just four years ago.

A new report from property website Daft.ie says that although homes are selling faster, prices are continuing to fall.

And the findings are confirmed in a separate report from myhome.ie, albeit with variations in the average asking price for a house.

Daft.ie says the average asking price in June was €196,000, down 47pc from the peak.

The myhome.ie survey says the average asking price nationally is now €249,000, 40pc down on peak.

Prices of new homes are now back at the 2001 level, myhome.ie adds, with average asking prices of €239,000 in Cork, €234,500 in Galway, €185,000 in Limerick, while the Dublin figure is €286,000.

Daft.ie said that Dublin asking prices fell by 5.26pc over the past three months, and now the typical figure is half of what it was during the peak in 2007.

South County Dublin remains the most expensive area in the county, averaging at just over €371,000, down 5.7pc. Dublin city centre is the cheapest, with prices at €186,222, down 3.9pc.

Cork, Galway and Limerick cities also fell between 5pc and 6pc over the same period.

"The second quarter of 2011 has seen one of the sharpest adjustments in prices since the correction started four years ago," said Ronan Lyons of Daft.ie.

"Nonetheless, over half of properties posted for sale in Dublin at the start of the year are now sold or sale has been agreed."

The price drops are the highest since Daft.ie started compiling statistics in 2005.

Despite the price falls, it is taking less time to sell a house. Typical time on the market fell by four weeks, with a four-month average in Dublin and 14 months in Connacht/Ulster.

Report by Paul Melia - Irish Independent

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