House prices across Ireland fell by 0.4 per cent in July - continuing a trend which has now seen a 3 per cent decline since the start of the year, new figures show.
The Permanent tsb/ESRI House Price Index figures released today follow a fall of 0.5 per cent in June. The average price paid for a house in Ireland in July now stands at €301,267 - virtually the same as the price paid in June of last year.
House prices fell by 0.4% in July following a fall of 0.5% in June. Image: Irish Times.
Dublin house prices declined by 1.9 per cent in July while there was a reduction in prices of 0.2 per cent for houses bought outside Dublin. In the first seven months of this year, prices were down by 3.8 per cent within Dublin and 3.4 per cent respectively.
However in the 12 months to the end of July 2007, house prices in Dublin grew by 0.5 per cent. Outside Dublin they reduced by 1.8 per cent over the same period. The equivalent rates to June 2007 were up 4.1 per cent and down 0.4 per cent respectively.
The average price paid for a house in Dublin and outside Dublin in July 2007 was €411,069 and €257,372 respectively. The equivalent prices in December 2006 were €427,343 and €266,339.
"Although the experience varies from sector to sector, the overall picture is one of a housing market 'marking time' after a decade of phenomenal growth," Permanent tsb bank marketing head Niall O'Grady said.
"The fact that new house construction is slowing and we're coming towards the top of the cycle in terms of interest rates are likely to be critical in determining how the market behaves for the remainder of this year and into next."