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News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


Average Irish national house prices fell by 9.7% in year to July
By Finfacts Team
Sep 1, 2008 - 1:54:05 PM

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The average price paid for a new house in July 2008 was €272,099, while that paid for a second hand house was € 273,142. The equivalent levels in December 2007 were €290,296 and €284,608.
Average Irish national house prices fell by 9.7% in year July according to the latest edition of the permanent tsb / ESRI House Price Index. Prices fell 0.2% in July. This follows reductions of [0.6%] in June, [1.2%] in May, [1.1%] in April and [0.7%] in March.

In the first seven months of 2008 average national prices fell by 5.2%, compared with a drop of 5.0% to June 2008 and a drop of 3.0% to July 2007.

Measuring the rate of growth in the 12 months (year on year) to July, average national prices were down by 9.4%. This compares to a decline of 9.7% recorded in the 12 months to June and a fall of 0.7% to July 2007.

The average price paid for a house nationally in July 2008 was €272,946. This compares to €287,887 in December 2007 and €302,605 in July last year.

Commenting on the results, Niall O’Grady, General Manager Business Strategy, permanent tsb said: “Transaction volumes were light during the summer and it’s likely that this was a factor in the very low decline in average prices during July.”

The index does not take account of volume/activity in the market which is significantly down, as reflected in stamp duty receipts and mortgage approvals.

Methodology

Dermot O'Leary, Chief Economist of Goodbody Stockbrokers, said last November, that three reasons can be cited for a discrepancy between its expectations of house price falls and the permanent tsb / ESRI House Price Index. Firstly, the data are reflective of prices at the mortgage payment stage of the house-buying process. This can be some 3-4 months after a sales price is agreed, and, in a slower market, this lag could get extended further. Therefore, there is a significant lag between market prices and the official house price data. Secondly, the type of properties in the ptsb database may be concentrated towards the lower price range in the market.While recognising the fact that the ptsb data takes account of the different characteristics of the house, the average price in the country is well below the estimates contained in the dataset from the Department of the Environment. Finally, price incentives, which have become common for new scheme developments, would not get reflected in the data.

 

Dublin V Rest of Country
Dublin house prices fell by 0.6% in July while houses outside Dublin reduced by 0.4%. In June the relative price changes were -0.2% and -0.8%.

In the first seven months of 2008 prices for Dublin and Outside Dublin were down 5.1% and 5.5% respectively. The equivalent changes last year were
-3.8% and -3.4%.

House prices were reduced by 8.2% and 8.5% in the twelve months to July 2008 in Dublin and Outside Dublin respectively. The equivalent changes in the twelve months to June were -9.4% and -8.3% respectively.

The average price paid for a house in Dublin and outside Dublin in July 2008 was €377,316 and €235,622 respectively. The equivalent prices in December 2007 were €397,507 and €249,359.

Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties of Dublin fell by 1.2% in July 2008, while the reduction in June was 1.4%. In the first seven months of this year prices fell by 7.0% compared to 4.2% last year. A year on year reduction to July 2008 in the Commuter counties of 9.4% compares with 8.5% in this category over the 12 months to June. The price of a house in the commuter counties in July 2008 was €298,866, down from €321,403 in December 2007.

3 Bedroom Semi-detached Houses
3 bed semi-detached house prices reduced by 1.4% in July 2008, compared with a reduction of 0.5% in June. Year to date prices fell by 4.2% compared to 4.3% in same period last year.
House prices in this category were reduced by 3.9% year on year to July 2008 compared with a reduction of 2.0% to June 2008. The price of a 3 bedroom semi in July 2008 was €286,918 - down from €299,412 recorded in Dec. ‘07.

First time buyers V. Second time buyers:
House prices for first-time and second-time buyers were reduced by 0.4% and 0.2% respectively in July 2008. In June the equivalent rates showed reductions of 0.2% and 0.6%. Year to date prices for first-time and second-time buyers were down 5.8% and 4.9% respectively, while growth rates for the same period last year were -3.6% and -3.2%.

House prices were reduced by 8.7% and 9.5% year on year to July 2008 for first-time and second-time buyers respectively. The equivalent rates to June were reductions of 8.7% and 9.9% respectively.

The average price paid by a first-time buyer and a second-time buyer in July 2008 was €245,539 and €305,625 respectively. The equivalent prices in December 2007 were €260,786 and €321,498.

New V. Existing Houses
House prices for new and second-hand houses both reduced by 0.2% in July 2008. In June the relative price reductions were 1.3% and 0.4% respectively. Year to date prices for new and existing houses were down 6.3% and 4.0% respectively. The equivalent changes last year were -1.6% and -2.9%.

New and second hand house prices fell by 8.7% and 10.0% respectively year on year to July 2008. The equivalent changes to June were -8.8% and -10.1% respectively.

The average price paid for a new house in July 2008 was €272,099, while that paid for a second hand house was € 273,142. The equivalent levels in December 2007 were €290,296 and €284,608.

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