Property price fall slows to 1.5% drop
The research, using Daft’s own figures and the Residential Property Price Register, showed that the rate of decline in property prices fell from an average drop of 5.5% last year to a 1.5% average this year.
According to Daft.ie, this 1.5% fall has remained stable through much of the year and has not slowed or quickened sharply at any point.
Daft.ie and Residential Property Price Register figures show that house prices have fallen nation-ally by 29% since the start of 2010.
The number of houses sold in Dublin in the first nine months of this year was 27% higher than the same period last year.
However, it still remains 4% lower than transactions in the first three quarters of 2010. In the first nine months of this year, 5,500 houses were sold.
In Munster, the number of houses sold so far this year was 6% higher than in 2011, but 5% less than the equivalent figure in 2010. In total, about 2,500 houses were sold.
According to RPPR data, property prices have fallen by 30% in Munster since the start of 2010.
In the Leinster area outside Dublin, the number of houses sold in the first nine months of this year was 13% higher than the same period in 2011.
Still, it was 11% less than the equivalent figure in 2010. A total of 3,400 transactions took place.
Average house prices remained steady in Leinster over the past few months. However, this followed another 7.6% drop from April to June.
In Connacht and Ulster, there has been a 16% increase in houses sold so far this year compared with last year. However, that figure is still 3% less than the equivalent figure in 2010. In total, 1,900 houses were sold.
According to RPPR data, property in Connacht and Ulster is selling for 32% less than at the start of 2010.
Meanwhile, the number of houses being built continued to fall this year — down 10% compared with the first eight months of last year.
The numbers of houses being built remains minuscule in comparison to the heyday of the Celtic Tiger. Work started on just 3,782 new houses up to August this year.
However, some counties have seen housing construction rise. These include Westmeath, where housing construction rose by 45% up to August, and Mayo and Sligo, where it grew by 20% and 12% compared with the first eight months of last year.
In Co Westmeath, 38 houses were built up to August last year, compared with 45 so far this year. In Co Mayo, 116 were built so far compared to 97 over the same period last year.
House construction rose 9% in Co Cork compared with the same period last year. Four hundred and 11 houses have been built in Cork so far this year, compared with 376 last year.
