Average national house prices reduced by 1.1% in July according to the latest edition of the permanent tsb / ESRI House Price Index.
This compares to reductions in June (-1.5%), May (-1.3%) and April 2009 (-1.9%).
In the first seven months of … 2009 national house prices have fallen by 8.7% which compares to a reduction of 5.2% in the same period in 2008. Measured over the 12 months (year on year) to July, national prices were down by 12.5%. This compares to a decline of 11.7% recorded in the 12 months to June 2009.
The average price for a house nationally in July 2009 was EUR 238,828, compared with EUR 261,573 in December and a peak of EUR 311,078 in February 2007.
Commenting on the results, Niall O’ Grady, General Manager Business Strategy, permanent tsb said:
“The property market has remained sluggish through the summer months as reflected in low transaction levels and continuing price declines. Prices have now fallen by 24% since February 2007 and despite lower interest rates and improved affordability, customer confidence in the property market needs to improve we can expect increase in activity”.