Irish house prices down by half since peak
Tuesday, 3 January 2012 4:40 PM
Two new reports say that house prices in Ireland fell again in 2011 and have halved since their peak before the credit crunch.
A survey by MyHome.ie says prices fell 13 per cent last year after a 2.3 per cent decline in the third quarter.
Average asking prices across the country are down by 43 per cent since the third quarter peak of €236,000 in 2006. Dublin has seen average asking prices fall 50 per cent to €268,000.
Meanwhile a report by Daft.ie says prices nationwide are now just 48.4 per cent of 2007 levels. Prices fell 18 per cent in 2011 after a fall of eight per cent in the final quarter of 2011, which was the biggest quarterly fall seen so far.
Neither of the property websites sees much room for optimism this year either.
Daft.ie economist Ronan Lyons said income and rental multiples suggested a fall of 60 per cent from peak prices should be expected.
Angela Keegan, managing director of MyHome.ie, welcomed government moves to boost the market in the Budget but added: "Unfortunately uncertainty over the future of the Euro and economic growth remains and this continues to sap consumer confidence."
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