Friday 18 April 2014

House prices fall as property register takes guesswork out of buying

HOUSE prices fell last month in a move that reverses rises in the previous three months.

The fall of 0.6pc in October means that prices have now risen in five of the 10 months of this year so far, and fallen in the other five.

Nationally, prices are now down 8.1pc in the year up to October, according to the latest release of prices from the Central Statistics Office.

The value of the average property in the State is now half of what it was during the peak in the market in 2007.

Dublin prices were down 0.2pc in October, and are 7pc lower in the year so far.

Residential property prices in the capital are 56pc lower than they were when the market was at its highest, according to the CSO index.

Prices outside of Dublin were down 0.9pc last month, and are now down 47pc from the peak.

Some property experts said the introduction of the new property price register in September prompted falls in prices, as people can now seen exactly what prices houses and apartments are selling for, rather than relying on estate agents.

The average value of a property nationally is now €157,400, down from a peak of €313,998, calculations based on the CSO figures indicate.

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