House prices take another dive bringing annual collapse to 14pc
Published 26/09/2011 | 11:46
House prices took another nosedive towards the end of the summer, official figures have revealed.
The cost of residential property fell 1.6pc in August taking the total collapse over the previous 12 months to 13.9pc.
The Central Statistics Office (CSO) said homes have fallen in value by 43pc since the peak of the market in early 2007.
Over the last four years house prices in Dublin are down 48pc and apartments 57pc, while the fall in residential property prices outside the capital is about 40pc since the bubble burst.
According to Conall Mac Coille, chief economist at Davy Stockbrokers, the prices are based on very low level transactions because mortgage lending remains weak.
“So falling prices reflect distressed vendors being forced to sell despite weak market conditions,” he said.
“Hence residential property prices are likely to continue falling through 2011.”