More gloom for Irish property market prices

Dublin hit the worst

Residential property prices in Ireland have fallen by almost 14% in the last year, with Dublin hit the worst, according to the latest figures from the Central Statistical Office.

Nationally prices fell by 13.9% in the year to August. This compares with an annual rate of decline of 12.5% in July and a decline of 10.8% recorded in the twelve months to August 2010.

Residential property prices fell by 1.6% during the month of August. This compares with a decline of 0.8% recorded in July. In 2010 there was no change recorded between July and August.

In Dublin residential property prices fell by 3.8% in August and were 14.9% lower than a year ago. Dublin house prices decreased by 3.4% in the month and were 14.7% lower compared to a year earlier. Dublin apartment prices fell by 6% in the month of August and were 17.4% lower when compared with the same month of 2010.

The price of residential properties in the Rest of Ireland, that is excluding Dublin, fell by 0.3% in August compared with an increase of 0.2% recorded in the same month of last year. Prices were 13.2% lower than in August 2010.

House prices in Dublin are now 48% lower than at their highest level in early 2007. Apartments in Dublin are now 57% lower than they were in February 2007.

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 40%. Overall, the national index is 43% lower than its highest level in 2007.

Northern Ireland has also seen prices fall. it saw a 4.1% quarterly fall, leading to a deterioration in the annual rate of change from -4.1% to -9.3%, according to the latest house price index from the Nationwide.

In the UK prices increased by 0.1% compared with the previous month and are now 0.3% lower than a year ago with the average price at £166, 256 compared with £165,914 in August.

On a quarterly basis most regions saw relatively small price movements with seven regions seeing price rises and the remaining six seeing falls, the index also shows.

The Outer Metropolitan region saw the strongest quarterly growth, with prices up 1.6% quarter on quarter. This pushed the annual rate of growth up to 1.3%, making the Outer Metropolitan the top performer on an annual basis.

Amongst the other English regions, the North West saw the largest price falls over the last 12 months, with prices down 2.4% compared with the same period in 2010. London saw a 1.9% quarter on quarter fall in the third quarter, although annual growth remained in positive territory at 0.5%.

Scotland saw a 0.5% quarter on quarter fall, with the annual rate of change remaining negative at -1.1%. Prices were lower than one year ago in all areas, although Dunbartonshire and North Lanarkshire was the best performing area. Dundee and Angus remained the weakest performing area, with a 6% year on year fall.

Wales recorded its third consecutive quarter of price rises, with a 0.2% increase in the third quarter and this pushed up the annual rate of change from -0.9% to 0.2%. Cardiff was the weakest performing area, with a 2% year on year fall. The South Wales (East) sub region, which includes Blaenau Gwent, Caerphilly, Merthyr Tydfil, Monmouthshire, Newport and Torfaen, was the strongest performing area.

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