House prices plunge 20% in last year

HOUSE prices have drop by almost 20% in the last year and are staying on the market for an average of more than seven months compared with six weeks during the boom.

Head of research with Dolmen Stockbrokers Oliver Gilvarry said the figures, from daft.ie, mean homeowners stuck in negative equity face the prospect of not being able to relocate for their job or upgrade to family-friendly homes.

“Falling prices have resulted in large numbers of homeowners facing negative equity, a situation not seen in Ireland on this scale previously. Following the UK property bust in the early ’90s, homeowners had to wait almost a decade in some cases to move out of negative equity,” he said.