Rating agency Fitch expects Irish property prices will fall further

Rating agency Fitch has said it expects further falls in both residential and commercial property prices in Ireland. It said it has already factored such falls into its analysis of the country’s rating.

The Permanent TSB/ESRI index for the second quarter of this year, suggests that Irish house prices have declined by 35.2% since their peak, but today Fitch said it believes this will likely understate the full decline.