House price decline slows
Published 29/07/2010 | 14:19
House prices have fallen to their lowest levels since 2002, new figures revealed today.
The latest review from the Permanent TSB/ESRI House Price Index shows the average cost of a home is now €201,364 - down 35pc since the peak four years ago.
But with the pace of decline slowing to 1.7pc in recent months, experts said prices could be starting to level off.
Asking prices for Dublin homes decreased more quickly than the rest of the country between April and June, falling by 3.5pc.
A house in the capital will now set buyers back €242,000 - almost €9,000 less than the previous three months.
The average price for a house outside Dublin over the past three months was €181,820, compared with €183,309 in the first quarter of the year.
House prices nationally dropped by 6.4pc in the first half of 2010.
Permanent TSB general manager Niall O' Grady said the 1.7pc decrease between April and June was the lowest recorded quarterly fall in almost two years.
"This may indicate that prices are starting to find a more sustainable level after almost three-and-a-half years of decline," he added.
The house price index is based on the agreed sale price and is calculated using data from mortgage drawdowns.