House prices continue to fall

House prices in Westmeath are continuing to fall, and are now 53 per cent lower than they were at their peak, according to the latest report from property website Daft.ie

The average asking price of a house in Westmeath now stands at €139,382, a massive 53.6 per cent drop from asking prices in mid-2007.

Over the past year alone, asking prices in the county have fallen by 18.1 per cent, and by 5.4 per cent in the first quarter of 2012.

A four-bedroom house in Westmeath will now set you back an average of €195,000, a three-bed €137,000, two-bed €105,000, and a one-bedroom house €100,000.

Nationally, the first quarter of 2012 saw the smallest decline in asking prices since the market began to fall in 2007. Prices fell by 1.4 per cent on average during the first three months of the year, compared to 8 per cent in the final three months of 2011. The national average asking price is now €177,000, down 52 per cent from the peak.

Economist at Daft.ie, Ronan Lyons, said: “The latest figures, which suggest more stable asking prices and increased activity, may come as something of a surprise, given general economic conditions. It is possible that the market was waiting to see if the substantial reductions seen in late 2011 would have an impact.

“Nonetheless, it is unlikely that prices will stabilise nationally until there is a substantial increase in activity, which itself will require mortgage lending by banks.”

The full report is available from www.daft.ie/report

 

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