House prices drop in January

THE slowdown in the growth of house prices has finally emerged with prices for first-time buyers dropping in January, according to the latest survey.

The Permanent TSB/ESRI house price index for January shows that the average price for first-time buyers fell by 0.4% last month, compared to a 1.1% rise in January of last year.

For the year to the end of January, prices for first-time buyers rose by 6.4%, compared to 7.9% in the previous year. The average price paid for a home was €220,589.