House prices fall again in July

House prices fall again in July

House prices fall again in July

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”.

Read the full report on Property News.

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