Lower house prices aren't all bad news
Published 14/05/2011 | 05:00
It may have come desperately late in the day, but yesterday the CSO finally published its long-awaited house price index for the first time. The availability of timely, official house price statistics is a welcome and long overdue development in a market that has far too often been characterised by spin and hype rather than cold, hard facts.
All previous attempts at gauging the true level of house prices had experienced severe difficulties. Now the CSO, which arguably should have been compiling official house price statistics all along, has belatedly stepped into the breach.
The news that the CSO has found that house prices have fallen by over 40pc since peaking in the spring of 2007 will have come as no surprise to anyone who has been keeping even an occasional eye on the market. Neither will the CSO's calculation that apartment prices have fallen by even more than house prices, with apartment prices in the Dublin area having fallen by a massive 52pc.