Belfast Telegraph

Thursday 25 December 2014

House prices down 3% since new year

A survey showed house prices have dipped more than three per cent since the start of the year
A survey showed house prices have dipped more than three per cent since the start of the year

House prices have dipped more than 3% since the start of the year, a new survey shows.

The latest report by property website Daft.ie also shows that sellers are waiting on average nine months to shift their home.

The average asking price is now 210,000 euro - down 43% since the peak of the property boom around four years ago.

Ronan Lyons, economist with Daft.ie, signalled little change in the market with prices continuing to be pushed down.

"Prospective buyers find it difficult to get the finance, while owner-occupiers are often restricted by negative equity," he said.

"As a result, the market is moving very slowly.

"Of the 3,000 properties posted for sale 15 months ago at the start of 2010, one in three is still for sale, although in Dublin the figure is closer to just one in six."

Asking prices have fallen by 4.1% in Dublin since the start of the year and almost 5% in Galway.

In Cork and Waterford, prices have dropped by about 3%.

Limerick has seen falls of just 2%, while outside the main cities, asking prices are down by an average of 2.7%, the smallest fall in three years.

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