Property prices continue to fall

Tuesday 03 January 2012 22.25
Property websites say prices fell in the last quarter of 2011
Property websites say prices fell in the last quarter of 2011

Property websites MyHome.ie and Daft.ie are reporting that prices continued to fall in the last quarter of 2011.

MyHome reported an annual rate of decline of 13% with Daft reporting 18%.

MyHome says asking prices nationally are now down by 43% compared to the peak in the third quarter of 2006, while Dublin prices are down 50% over the same period.

Daft says asking prices around the country fell by an average of 7.7% between September and December, which is the sharpest three-month fall in prices to date.

It says the average asking price is now just over €175,000, 52% below the 2007 peak of €366,000.

New figures published in the Daft.ie report outline the speed at which properties are selling around the country.

In Dublin, about one half of properties sell within six months, while in Connacht and Ulster, it takes a full year for the same proportion to sell.

Across the country as a whole, properties that do not sell within the first few months typically find it difficult to find a buyer in subsequent months and most will still be on the market after a year.