Westmeath house prices drop by a quarter

Westmeath house prices have fallen by a quarter since their peak in 2007, according to the latest figures from property website Daft.ie

The Daft.ie House Price Report for quarter 2 2009 reveals that in Westmeath asking prices are now 17.9 per cent lower than this time last year, and 25 per cent lower than peak house prices in 2007.

The decrease is more marked in Westmeath than in much of the rest of the country. On average, prices are 23 per cent - or €80,000 - lower than they were at their peak in 2007. In Dublin asking prices have fallen 27 per cent since their peak, rising to 34 per cent in Dublin city centre.

In the past three months alone, Westmeath house prices have fallen by 3.7 per cent, bringing the average house price in the county to €216,373.

The average asking price for a two-bed home in Westmeath is €181,000, three bedroom €192,000, and four bedroom €279,000, while a five bedroom home comes with a price tag of €296,000.

At a national level, asking prices for houses in June 2009 were almost one fifth lower then they were in the same month in 2008. The average asking price nationally in June this year was €263,000, similar to levels in February 2005.

Asking prices fell 5.7 per cent nationally in the second quarter of 2009, significantly larger than in the first quarter and in line with the falls in late 2008.

The report also revealed that just three in eight properties are now selling within six months of going on the market, while urban properties are moving significantly faster that those outside the five main cities.

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