Average national house prices fell by 1.1% in September according to the latest edition of the permanent tsb / ESRI House Price Index. This follows reductions of 0.9% in August, 0.2% in July and 0.6% in June.
In the first nine months of 2008 average national prices fell by 7.0%, compared with a drop of 6.0% in the year up to August 2008. Measuring the rate of growth in the 12 months (year on year) to September, average national prices were down by 10.6%. This compares to a decline of 9.9% recorded in the 12 months to August.
The average price paid for a house nationally in September 2008 was euro 267,594. This compares to euro 287,887 in December last.
Commenting on the results, Niall O’Grady, General Manager Business Strategy, permanent tsb said: “There is little surprise in these figures which continue the pattern of recent months. Looking ahead, we expect this pattern to continue for some time as both consumer confidence and the economic outlook for the year ahead remain weak.”
Dublin V Rest of Country:
Dublin house prices fell by 0.8% in September while houses outside Dublin reduced by 1.6%. In August the relative price changes were -0.8% and -1.3%.
In the first nine months of 2008 prices for Dublin and Outside Dublin were down 6.6% and 8.2% respectively.
House prices were reduced by 8.4% and 11.0% in the twelve months to September 2008 in Dublin and Outside Dublin respectively. The equivalent changes in the twelve months to August were -8.8% and -9.5% respectively.
The average price paid for a house in Dublin and outside Dublin in September 2008 was EUR 371,288 and EUR 228,945 respectively. The equivalent prices in December 2007 were EUR 397,507 and EUR 249,359.
Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties around Dublin fell by 1.3% in September 2008. The reduction in August was 0.8%. In the first nine months of this year prices fell by 9.0%. A year on year reduction to September 2008 in the Commuter counties of 10.2% compares with one of 9.0% in this category over the 12 months to August.
The price of a house in the commuter counties in September 2008 was euro 292,497, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses
Prices for 3 bed semi-detached houses reduced by 1.2% in September 2008, compared with a reduction of 0.2% in August. Year to date prices fell by 5.5%.
House prices in this category were reduced by 6.6% year on year to September 2008. The price of a 3 bedroom semi in September 2008 was euro 282,902 - down from euro 299,412 recorded in Dec. 2007.
First time buyers V. Second time buyers
House prices for first-time and second-time buyers were reduced by 1.2% and 1.3% respectively in September 2008. In August the equivalent rates showed reductions of 1.2% and 0.8%. Year to date prices for first-time and second-time buyers were down 8.1% and 7.0% respectively.
House prices were reduced by 9.4% and 11.0% year on year to September 2008 for first-time and second-time buyers respectively. The equivalent rates to August were reductions of 9.8% and 10.1% respectively.
The average price paid by a first-time buyer and a second-time buyer in September 2008 was EUR 239,598 and EUR 299,074 respectively. The equivalent prices in December 2007 were EUR 260,786 and EUR 321,498.
New V. Existing Houses
House prices for new and second-hand houses reduced by 0.4% and 1.5% respectively in September 2008. In August the relative price reductions were 0.4% and 1.0%. Year to date prices for new and existing houses were down 7.0% and 6.4% respectively.
New and second hand house prices fell by 9.1% and 9.8% respectively year on year to September 2008. The equivalent changes to August were -8.7% and -10.5% respectively.
The average price paid for a new house in September 2008 was EUR 269,932, while that paid for a second hand house was EUR 266,398. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.
