House Prices Fall 4% In Last Quarter

A leading property website has revealed that Ireland's house prices have fallen again during the last quarter, this time by 4%.

According a report published today from popular property website MyHome.ie, the average asking price nationally for property fell by 4.27%, while in Dublin asking prices which were down 5.73% compared to the second quarter.

The research was further backed up by well-known property experts Daft.ie, who said asking prices fell by 4.6% over the last three months.

The website said the number of houses available for sale on the market was holding "remarkably" steady at around 60,000 at any one time.

According to the spokeswoman and property expert Emer O'Siochru the most recent drop is probably the result of more realism by sellers, especially in the Dublin area, where asking prices have dropped by 30% from the peak in 2007 compared to only 25% outside the capital.

Ms O'Siochru said: "One can well imagine the family desperation that these figures represent; two parents with one job between them; in negative equity, certainly; their home nestling in a forest of fading for-sale signs.

"The self reinforcing cycle of housing-needing construction workers-needing housing has reversed as CSO figures show net emigration of the very kind of people that buy and rent houses."

According to MyHome, the average asking price nationally now stands at €323,180 down 22% since the peak of the market. In the capital, the average figure is €385,993, a fall of 18.5% in the last 12 months and a drop of 27.73% since the peak of the market.

Asking prices in the Dublin market are now at the same level as in 2004, while asking prices in the new and second hand markets are now down by 14% compared to 12 months ago.


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