House prices continue to fall

[CookieMonster]

Average national house prices fell by 1.1% in September according to the latest edition of thepermanent tsb / ESRI House Price Index. This follows reductions of 0.9% in August, 0.2% in July and 0.6% in June.

Dublin V Rest of Country
Dublin house prices fell by 0.8% in September while houses outside Dublin reduced by 1.6%. In August the relative price changes were -0.8% and -1.3%.

Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties around Dublin fell by 1.3% in September 2008. The reduction in August was 0.8%.

3 Bedroom Semi-detached Houses
Prices for 3 bed semi-detached houses reduced by 1.2% in September 2008, compared with a reduction of 0.2% in August.

First time buyers V. Second time buyers
House prices for first-time and second-time buyers were reduced by 1.2% and 1.3% respectively in September 2008. In August the equivalent rates showed reductions of 1.2% and 0.8%.

New V. Existing Houses
House prices for new and second-hand houses reduced by 0.4% and 1.5% respectively in September 2008. In August the relative price reductions were 0.4% and 1.0%.

The average price paid for a new house in September 2008 was EUR 269,932, while that paid for a second hand house was EUR 266,398. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.

https://www.esri.ie/irish_economy/pe...besri_house_p/

https://www.esri.ie/irish_economy/pe...ct_tables_.xls

[JCSkinner]

It'll get a lot worse more quickly now, once the banks are forced to haul in the developers and bankrupt them.
I predict that despite the Government's desperate sub-prime lending scheme, prices for the unsold newbuilds will continue to collapse, while the rest of the market merely grinds on downwards for a year or two.
What is disconcerting is the annoying spinning in the media on behalf of distressed developers. Don't people realise we have nothing to gain by propping these people up any longer?

Skin Flicks: Poison Pens 4: Propping up the Property Ladder

[Aindriu]

What is disconcerting is the annoying spinning in the media on behalf of distressed developers. Don't people realise we have nothing to gain by propping these people up any longer?

I fully agree.

[KingKane]

They do though don't they though?

[muck_savage]

Average national house prices fell by 1.1% in September according to the latest edition of thepermanent tsb / ESRI House Price Index. This follows reductions of 0.9% in August, 0.2% in July and 0.6% in June.

What month will they have the 15% decline in house prices to bridge the gap between what PRSB/ESRI report every month and reality?

[CookieMonster]

What month will they have the 15% decline in house prices to bridge the gap between what PRSB/ESRI report every month and reality?

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[Truth.ie]

Without dragging Northern politics into this thread,I've been house hunting recently on both sides of the border and I've noticed house in working class protestant areas are considerably cheaper than working class Catholic areas. Larne seems to be bargain basket for some reason.
On the 26 counties, I've noticed obviously the counties of Cavan, Roscommon, Leitrim are the cheapest in the country.
Portlaiose seems to have a glut of housing.
Dublin still out of reach for single dad like myself.

[muck_savage]

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Don't tell me you actually believe these figures.

If you think Dublin property prices are down only 10% in the last 12 months, then good luck to you.

It is closer to 25%, and everyone knows it.

[CookieMonster]

Don't tell me you actually believe these figures.

If you think Dublin property prices are down only 10% in the last 12 months, then good luck to you.

It is closer to 25%, and everyone knows it.

Do you have figures?

[feargach]

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The ESRI report is not based on house prices. More accurately it is based on ASKING prices. It is based on subjective valuations.

The actually-paid prices for houses are, uniquely for any developed country, not made public. We are the only country outside Africa or Latin America where the actual prices of houses are not revealed to the public.

So the only people who know the actual, real-life figures are the mortgage lenders and the Revenue, and they aren´t telling anybody. So the 25% figure is an educated guess.