House prices fall 10.6% in past year

MORE misery was heaped on homeowners yesterday with news that house prices have fallen by 10.6% in the past year as average house prices are now estimated to be €267,594, down from €287,887 in December 2007.

The figures, published by Irish Life & Permanent and the ESRI (Economic Social Research Institute), show that prices fell by 1.1% last month — the 19th consecutive monthly fall.

The 1.1% decrease shows a further downward spiral in prices, following a 0.9% reduction in August, a 0.2% decrease in July and a 0.6% drop in June.