House price decline continues as credit and confidence remain key

House prices are continuing to fall but the rate of decline is moderating, according to the latest figures from property website MyHome.ie, which reports that asking prices for three bed semi-detached properties nationally remained unchanged in the last quarter, at €185,000.

However in Mayo it reports that the average price of a three-bed semi fell by almost four per cent to €149,000 while the price of four-bed semis fell by six per cent to €160,000.

According to the webstie, asking prices nationally are now down by 49 per cent compared to the peak - Q4 2006 - while Dublin prices are down 56 per cent over the same period. The overall property picture remains depressed. However, average time to sale agreed is now down from six months to five in Dublin.

According to Daft.ie, in Connacht, asking prices fell sharply, by an average of 7.2 per cent, between March and June, compared to a fall of 2.1 per cent in the first three months of 2012. In Mayo, the average asking price fell 11.4 per cent between March and June with the average price now €138,000, a fall of 48 per cent from the peak.

Commenting on the report, Ronan Lyons, economist at Daft.ie, said: “Market conditions in Dublin have improved noticeably since the start of the year, with largely stable asking prices, a sharp fall in the total number of properties sitting on the market and a pick-up in sales. Credit and confidence remain key to a longer-term stabilisation in the property market though, and outside the major cities, there are the additional issues of oversupply and weak medium-term demand.”

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