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28/03/2008
€25,000 Wiped Off Value Of Irish Homes
The latest house price index has revealed a €25,000 drop in the value of the average Irish home in the last year.
The figures released by the TSB/ESRI shows an eight per cent drop overall. The figures also show a fall between December and February alone of £4,237 of the value of homes.
However, good news for first-time and second-time buyers as the average price paid by a first-time buyer and a second-time buyer in February 2008 was €254,697 and €317,970 respectively. The equivalent prices in December 2007 were €260,786 and €321,498.
Niall O'Grady, General Manager Marketing, permanent tsb bank said: "I think the rate of price decrease over the first two months of the year is lower than many people might have expected. We are also seeing that some sellers are finally grasping the point that people are
interested in buying properties if the prices sought are realistic. This in turn is leading to more market transactions when compared to quarter 4 2007."
Economists are predicting further falls at albeit the lower rate of seven per cent to continue for the rest of the year.
(DW/JM)
The figures released by the TSB/ESRI shows an eight per cent drop overall. The figures also show a fall between December and February alone of £4,237 of the value of homes.
However, good news for first-time and second-time buyers as the average price paid by a first-time buyer and a second-time buyer in February 2008 was €254,697 and €317,970 respectively. The equivalent prices in December 2007 were €260,786 and €321,498.
Niall O'Grady, General Manager Marketing, permanent tsb bank said: "I think the rate of price decrease over the first two months of the year is lower than many people might have expected. We are also seeing that some sellers are finally grasping the point that people are
interested in buying properties if the prices sought are realistic. This in turn is leading to more market transactions when compared to quarter 4 2007."
Economists are predicting further falls at albeit the lower rate of seven per cent to continue for the rest of the year.
(DW/JM)
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Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
