Belfast Telegraph

House prices at lowest since 2002

House prices have fallen to their lowest levels since 2002, new figures reveal.

The latest review from the Permanent TSB/ESRI House Price Index shows the average cost of a home is now 201,364 euro - down 35% since the peak four years ago.

But with the pace of decline slowing to 1.7% in recent months, experts said prices could be starting to level off.

Asking prices for Dublin homes decreased more quickly than the rest of the country between April and June, falling by 3.5%.

An average house in the capital will now set buyers back 242,000 euro - almost 9,000 euro less than the average for the previous three months.

The average price for a house outside Dublin over the past three months was 181,820 euro, compared with 183,309 euro in the first quarter of the year.

House prices nationally dropped by 6.4% in the first half of 2010.

Permanent TSB general manager Niall O' Grady said the 1.7% decrease between April and June was the lowest recorded quarterly fall in almost two years.

"This may indicate that prices are starting to find a more sustainable level after almost three-and-a-half years of decline," he added.

The house price index is based on the agreed sale price and is calculated using data from mortgage drawdowns.

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