A new report has indicated that the average house fell in value by an average of around 20% last year. The figures come from the Irish Auctioneers & Valuers Institute's survey of its members.
The survey found that in Dublin, property values were down by an average of 20.1% and in the rest of Leinster values declined by an average of 21.5%. In Munster, property values declined 19.2% on average while in Connacht/Donegal the average drop was 19.3%.
IAVI president Aine Myler said the results were in line with its expectations for 2009 and consistent with the IAVI's belief that average residential property values would decline by 40-50% from peak levels. 'The survey results indicate that the market floor is close, if we have not reached it already,' Ms Myler said.
She said IAVI members had reported signs that the housing market was beginning to stabilise in certain locations, with 'a sizeable majority' in Dublin seeing a pick-up in activity in the final quarter of 2009. Ms Myler said that, overall, there were signs that 2010 would be 'a little better' than 2009.
She repeated the institute's call for a National Property Price Register to give consumers access to real-time, transparent and accurate market information. 'This information is readily available and just requires the political will for its establishment,' Ms Myler said.
She said that, while the IAVI was pleased that it had been proposed in the recent Programme for Government, it needed to be addresses as quickly as possible.
