House prices continue to fall in Mayo according to two reports

Asking prices for residential property around the country continued to fall during the first three months of 2011, according to the latest reports published by property websites Daft.ie and Myhome.ie The national average asking price for property has fallen 43 per cent since the peak and now stands at €210,000, according to the Daft.ie report, while the average time to sell a property is now nine months, the same as a year ago.

In Connacht, asking prices fell by an average of 1.4 per cent in the first three months of 2011, smaller than the falls seen between September and December last year. The average asking price in Mayo in the first quarter of 2011 was €180,000, a fall of €88,000 from the peak, according to the Daft.ie report. The Myhome.ie report said the price in Mayo for a four-bed semi-detached house is €188,750, which represents a 3.21 per cent drop in the first quarter of 2011 and a 10.21 per cent drop from the same time last year.

According to Daft.ie, Dublin asking prices fell by 4.1 per cent during the past three months, while in Galway prices fell by almost five per cent. In Cork and Waterford, prices dropped by about three per cent, while Limerick city saw falls of just two per cent between January and April. Outside the main cities, asking prices fell by an average of 2.7 per cent, the smallest fall in three years.

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