Irish House Prices Falling Faster Again
27 September 2011
More misery for the Irish housing market this week... July's index from the Central Statistics Office brought hope, when prices falling 12.5% year on year represented a slowing in the rate of decline from June's drop of 12.9%. This was cancelled out on Monday, when the Central Statistics Office revealed that the residential property price index had fallen 13.9% year on year in August, much faster than the lot.
According to the data house prices in Ireland fell 13.6% in the year ending August 2011, while apartment prices fell 18.3% during the period. As usual the worst fall was in Dublin, where prices are now 14.9% lower than last year. This is compared to a 13.2% decline for the rest of Ireland.
As definitive proof that indeed, the market is still in a steep decline, prices fell 1.6% on the month in August, which is a faster drop than the 0.8% fall recorded on the month in July.
The situation really is quite desperate in the Irish housing market, so much so that one agent made the news last week for offering a BOGOFF on houses. The agent was offering two joined terraced houses for the price of one, with both going for a little over £100k. However, it was called a gimmick, as many leaving comments on the news story where it appeared online, said the agent would have more success offering one of the homes at half the price.