Skip to main content

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

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai