The slowdown in the property market was confirmed today with new figures revealing a slight decline in prices outside Dublin in February, and stagnation in prices overall.
According to the latest house price index by the Permanent TSB and the Economic and Social Research Institute (ESRI) there was no growth in national prices in the month, and house prices rose just 1.6% in the six months to the end of February.
The figures showed that house prices in Dublin grew 0.2% in February, compared to a 0.1% fall for houses bought outside the capital. In January the relative price increases were 0.1% and 0.4%.
In each of the previous three months (November, December and January), national prices overall grew by just 0.1%.
The average price paid in the commuter counties of Louth, Meath, Kildare and Wicklow fell in January by 0.9% to €340,756.
The annual rate of growth in house prices slowed to 9.5% in February, down from 10.6% the previous month. The average price paid for a house nationally is now €311,078, compared to €310,632 in December.
House prices for first-time buyers were unchanged in February, while second-time buyers paid 0.4% less than in January.
Estate agent reports drop in house prices
Estate agent Sherry Fitzgerald says its figures show a 1.1% drop in second-hand house prices in the first three months of this year.
It follows growth of more than 18% in 2006.
The fall was even sharper in Dublin, at 2.3%.
Sherry Fitzgerald economist Marian Finnegan blamed a reduction in consumer confidence in the performance of the market for the drop.
The fall has been attributed to higher interest rates and speculation about changes in stamp duty in the Budget.
