House prices continued to fall in 2011

House prices continued to fall in 2011

House prices continued to fall across the country in 2011, with Co Wexford showing the steepest decline at 34%.

According to the annual house price survey published in today’s Sunday Times, house prices fell further last year than they did in 2010.

Average prices fell by 17% last year, compared to an average decline of 12% in 2010.

The annual survey shows prices have fallen for over four years and values are now close to where they stood at the turn of the millennium.

Nationally, on average, those who purchased at the peak in early 2007 are now living in homes worth 55% less than they paid for them.

The five best performing markets overall were Counties Monaghan and Longford, both down 5%; Limerick City, down 5.4%; Co Kilkenny, down 10% and Co Roscommon, which reported a negligible year-on-year change in house prices.

The worst performing locations – in addition to Wexford – were Tipperary South, West Co Dublin, Dublin 10 and Dublin 20; all of which were down by 25%.

Dublin 24 fell by 23%, Dublin 9 homes dropped by 22.5% and Dublin 7 houses fell by 22%.

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