House prices dip to 2002 levels
Published 18/01/2011 | 15:39
Average house prices are down to levels last seen in 2002 after a 38pc fall from the peak, the latest survey revealed today.
Experts said prices were still falling at the end of last year but at a lower rate than the same period in 2009.
According to the index compiled by permanent tsb and the ESRI think-tank, house prices came down by 10.8pc over the course of last year.
The report said the figures compared to a fall of 18.5pc in 2009.
Niall O'Grady, Permanent TSB general manager, warned the market would not improve much in the coming year.
"With low transaction volumes, continuing price declines and a sluggish economy, the outlook is for a very subdued property and mortgage market in 2011," he said.
The report found the average price being agreed for a house at the end of last year was €191,776, compared with €215,086 12 months earlier, and €311,078 at the spring 2006 peak.
Two surveys published earlier this month, from prominant property websites which focus on asking prices, revealed they were down about 40pc since the property bubble burst.
The Permanent TSB/ESRI study also looked specifically at the Dublin market and found average prices down 15.1pc over the year to €237,480. Outside the capital the average was down 8.1pc to €174,570.
The Permanent TSB house price index is based on agreed sale prices and calculated using data from mortgage drawdowns. There is no official register for the prices paid for homes in Ireland.