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House prices down 40% since peak

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House prices are fallen about 40 per cent in the four years since their peak

House prices are fallen about 40 per cent in the four years since their peak

House prices are fallen about 40 per cent in the four years since their peak

House prices are down about 40% in the four years since their peak, the first official register has shown.

The Central Statistics Office (CSO) said the Dublin market has been hit hardest by the crash with prices down by 47%.

The average price paid for homes outside the capital is down 35% since demand for property slumped in the middle of 2007.

The figures are compiled in the first official national residential property price index and covers data from the beginning of 2005 to March this year.

A breakdown of the percentage fall in prices showed the residential property market peaked nationally in the middle of 2007, and in Dublin in April that year.

The register shows the average value of a mortgage taken out has come down 11.9% so far this year while prices in Dublin have fallen by 13% in the last year while outside the capital they are down by 11%. The biggest price decline was for Dublin apartments where prices have fallen by 52% since February 2007.

The CSO said the new index fills a gap in property market research and is based on drawdowns of mortgages reported by eight leading lenders over the last four years.

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The index also meets Ireland's obligations under European law to publish price changes on a quarterly basis which can be compared with other states. The next figures are due out in June.

But the Construction Industry Federation said the index showing percentage changes does not go far enough and repeated calls for an official price register.

Hubert Fitzpatrick, CIF spokesman, said the index should bring some clarity for buyers. "This is, however, a lagging indicator and one that can't capture the true regional and intra-regional dimension in house price movements," he said.


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