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Second-hand rural homes suffer biggest price drops

SECOND-hand rural homes and apartments in Leinster suffered the sharpest price falls in 2010, estate agents said yesterday.

Prices for second-hand homes in towns and cities fell by 17.5pc, and by 18.5pc in rural areas.

These are among the findings in the latest survey of estate agents published jointly by the Irish Auctioneers and Valuers Institute and the Society of Chartered Surveyors (IAVI/SCS).

Across all regions the survey shows that last year's falls were sharper than those reported by Permanent TSB (PTSB) last week. PTSB's index estimated the average fall in all house prices in 2010 was only 11pc.

However, both surveys agree that the pace of decline in prices slowed last year -- although IAVI says not in all house types.

Rather than average prices, as shown in other surveys, the IAVI/SCS survey is confined to member estimates of percentage price changes.

The IAVI/SCS survey also takes a closer look than the PTSB at different house types in each region and this aspect of its survey shows the average Leinster one-bedroom apartment fell by as much as 25.4pc in 2010 on top of a 24.4pc decline in 2009.

The smallest drop in 2010 was for new two-bedroom townhouses in Dublin which fell by only 12.2pc after a fall of 17.7pc in 2009.

Irish Independent