€300 wiped off value of homes in the capital every day last month
Published 27/09/2011 | 05:00
THE pace of house price falls has picked up, with Dublin properties falling in value at a rate of €300 every day in August, new figures show.
Across the entire country, the average residential property plunged in value by €100 a day between July and August.
This was due to the fact that prices had their biggest fall in August for a year and a half.
When compared with a year ago, property values dived by 14pc in August, according to the CSO.
This left the average house price nationally at €177,812, a fall of €136,000 from the peak of the market in February 2007, calculations based on the CSO figures show.
In the last month alone, prices dropped by 1.6pc, which wiped almost €3,000 off the value of the average house. This means houses lost around €100 in value each day in the last month.
Nationwide, prices are now down 43pc from the height of the market four years ago.
Falls in Dublin were particularly sharp in August, with a drop of 3.4pc.
In the last year, Dublin houses have lost 15pc of their value.
Since the peak of the market, residences in the capital have shed 51pc. This has shaved €218,000 off the value of residential properties in the capital, with prices dropping by €300 a day between July and August, calculations on the CSO figures by the Namawinelake website show.
The CSO only provides percentage changes, unlike a previous index run by Permanent TSB and the ESRI.
Apartment prices in Dublin crashed by 6pc in August, the CSO said. Since the top of the market, apartments in the capital have lost 57pc of their value.
But price drops outside of the capital have been more modest, with a 0.3pc fall in August, and a decline of 13pc since last year.
The rate of decline may have quickened over the summer months and is expected to ease, but economists yesterday still predicted that prices would continue to fall for at least a few months.
Falling prices reflect the fact that distressed sellers are being forced to off-load their property despite the market being on its knees.
Large regional differences were now emerging due largely to the fact that there was little sales activity outside of Dublin, Goodbody economist Dermot O'Leary said.
He added there was anecdotal evidence that sales were taking place in Dublin at prices lower than those appearing in the official CSO figures.