House prices still falling, but more slowly

HOUSE prices nationally are continuing to fall but less dramatically than in previous months.

The latest house price index, compiled by Permanent TSB and the Economic and Social Research Institute, shows a fall of 0.7% in March, bringing the overall reduction for the first three months of this year to 2.2%.

That compares with a reduction of 3.9% for the last three months of 2007 and is an indication, according to Permanent TSB, of an easing in the rate of the slump. However, it still means homes lost 8.9% of their market value in the 12 months to the end of March — meaning a house or apartment that was worth €300,000 in March 2007 would since have lost €26,700 in value.