House prices in Mayo continue to fall

Asking prices for houses in Mayo have continued to fall in the second quarter of the year, with the latest survey from property website MyHome.ie showing that the median asking price of a three-bed semi fell another 4.2 per cent to €125,000. This means that the price of a three-bed semi in Mayo has fallen more than 43 per cent from the peak in 2006.

The fall in asking prices in the county was even more pronounced in the case of four-bed semis, with median prices in the second quarter down more than seven per cent to €139,500, a fall of almost 13 per cent over the past year.

Asking prices for houses nationally fell by 1.9 per cent in the second quarter to stand at €193,000, a fall of 53 per cent from the peak. Daft.ie also released its quarter two 2013 report which showed that this is the strongest year-on-year growth in asking prices recorded in any part of the country since early 2007. For the country as a whole, however, prices fell, but by four per cent compared to 15 per cent a year ago, with the typical asking price now 54.6 per cent below their peak in 2007.

According to Daft.ie, Mayo prices in Q2 2013 were 11 per cent lower than a year previously, compared to a fall of 15 per cent seen in the year to mid-2012. The average house price is now €126,000, 52 per cent below peak levels.

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