Recession wipes €72,250 off value of the average home... HOUSE prices plunged another 1pc in July, bringing the total wiped off the value of the average home since the height of the property market to €72,250. New figures show house prices fell by 1.1pc in July, bringing the drop over the previous 12 months to 12.5pc. The annual fall in prices in June was 11.7pc. The average price for a house nationally in July was €238,828, compared with €311,078 in February 2007, when property prices peaked. Prices are now down 24pc since February 2007, according to the Permanent TSB/ESRI house price index. Permanent TSB's Niall O'Grady admitted that the property market had remained sluggish throughout the summer, with low levels of activity. He said that despite lower interest rates and improved affordability, consumer confidence needed to pick up before there could be any increase in activity. "It will definitely be a buyers' market for the coming months." Permanent TSB admitt
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