Shock of housing collapse still hitting prices

The shockwaves from the collapse of the property market in 2007 are still reverberating through the economy and impacting negatively on house prices, a report shows.

The latest annual survey by the Society of Chartered Surveyors Ireland reveals that house prices outside Dublin continued to fall in 2012, although the market in the capital for family homes has largely stabilised.

The SCSI report, based on a survey of 350 chartered surveyors around the country, said its findings showed there was only a limited recovery in the commercial and residential property sectors last year.