Housebuilder Reports Growing 'Confidence'

Housebuilder Abbey has for the first time since the beginning of the downturn reported improving sales in Ireland.

Speaking at the Abbey National AGM, chairman Charles Gallagher said the firm's excess inventory is gradually being cleared amid steady trading in the first few months of the year.

"In Ireland, sales have been improving of late as some confidence returns to the market. In some locations we may soon sell out and we are keen to find further outlets particularly in the Dublin area," he said.

Mr Gallagher said southern England was showing "good levels of business" over recent weeks, adding the London and Dublin based group was on course for a satisfactory outcome this year on current trends.

Last July, the group reported it lost €54.4 million in the 12 months ending on April 30th, 2008, compared with a profit of €16.8 million during the previous 12 months.

The news comes only a day after a leading property website revealed Ireland's house prices had fallen again during the last quarter, this time by 4%.

According to 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 were down 5.73% compared to the second quarter.

Well-known property experts Daft.ie further backed up the research saying asking prices had fallen 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.

(DW/KMcA)