Daft Property - Irish Property News

Family fortunes fall €43,000 in two years... THE average family has lost €43,000 in the value of its pensions, shares, bank deposits and other assets in just two years, shocking new official figures reveal. At the height of the boom, in 2006, the average household had financial assets worth €95,200, but this has now nearly halved to just €51,500 today. The huge fall is highlighted in figures from the Central Statistics Office (CSO). It comes as workers have been hit hard by the introduction of savage income levies and pay cuts. The scale of the destruction of household assets is unprecedented in the history of the State. The losses arise from a sharp fall in the value of pensions, insurance policies, shares and bank deposits, according to the CSO. Stock market collapses over the past year have meant that almost all those with private pensions are now nursing huge losses. The only good news has come from a fall in prices – particularly mortgage costs. Collectively, the 1.5 million hous...