OMEN
01-30-2009, 10:58 PM
House prices in Ireland fell by 9.1% last year.
The House Price Index, published by the ESRI and Permanent TSB, indicates that the biggest prices drops were in commuter counties surrounding Dublin.
House prices were down 16.8% in these regions in 2008.
Permanent TSB says houses prices now are where they were in the middle of 2005 and it is thought houses prices in 2009 will fall by a further 10%.
It says the market will not recover until the economic situation in Ireland significantly improves.
David Duffy of the ESRI says that is unlikely to happen until 2010.
The fall in Dublin commuter counties was the largest fall recorded - with houses in Dublin down almost 12% and just over 10% for houses outside Dublin.
The national average house price for first time buyers was down 14% last year; that is more than double the decline seen in 2007.
Niall O'Grady of Permanent TSB says the last two years have seen a rate of decline as high as 17%.
He says that trend is likely to continue for at least the remainder of the year.
The Permanent TSB/ESRI index is based on actual transaction prices and not market valuations and other indicators.
The organisations say it is more reflective of the reality of the housing market.
RTE
The House Price Index, published by the ESRI and Permanent TSB, indicates that the biggest prices drops were in commuter counties surrounding Dublin.
House prices were down 16.8% in these regions in 2008.
Permanent TSB says houses prices now are where they were in the middle of 2005 and it is thought houses prices in 2009 will fall by a further 10%.
It says the market will not recover until the economic situation in Ireland significantly improves.
David Duffy of the ESRI says that is unlikely to happen until 2010.
The fall in Dublin commuter counties was the largest fall recorded - with houses in Dublin down almost 12% and just over 10% for houses outside Dublin.
The national average house price for first time buyers was down 14% last year; that is more than double the decline seen in 2007.
Niall O'Grady of Permanent TSB says the last two years have seen a rate of decline as high as 17%.
He says that trend is likely to continue for at least the remainder of the year.
The Permanent TSB/ESRI index is based on actual transaction prices and not market valuations and other indicators.
The organisations say it is more reflective of the reality of the housing market.
RTE