Property market stable as prices ease

Sherry FitzGerald, Ireland's largest estate agents announced today that the average price of a second-hand property in Ireland eased back moderately by 1.1% during the first three months of 2007.

However, if one excludes the Dublin market from the analysis the market show a very modest growth of 0.2% during the first quarter. This follows growth of 18.1% during the calendar year of 2006.

House prices eased further in the Dublin second hand market in the first quarter of the year with prices falling back by 2.3%. This follows very strong growth during 2006 when the market expanded in price terms by 22.2%.

Cork also saw a moderation of price growth in the first quarter with prices rising by 0.2%

Commenting on the results Marian Finnegan, Chief Economist, Sherry FitzGerald Group said; "The results of the barometer largely reflect the impact of a reduction in consumer confidence in the performance of the market. It is a temporary phenomenon and we remain confident that the fundamentals underpinning the market remain sound, a factor which will underwrite the market in the short term."