Average national house prices fell by 1.5 per cent during August, according to the latest Permanent Tsb/ESRI House Price Index.
Over the first eight months of 2009 national house prices have now dropped by 10.1 per cent, compared to a reduction of 6 per cent over the same period for last year.
Measured over the 12 months, year-on-year, to August, national house prices were down by 13 per cent. A decline of 12.5 per cent was recorded in the 12 months to July 2009.
The average price for a house nationally in August 2009 was €235,260, compared with €261,573 in December. The peak average house price of €311,078 was reached in February 2007, but national prices have fallen 24.4 per cent since this price peak, and national house prices are now at January 2004 levels, the survey found.
In terms of Dublin and the rest of the country, house prices in the capital dropped by 1.9 per cent in August while there was a reduction of 2.4 per cent for houses outside Dublin. During July the relative price changes were -2.2 per cent and -1.2 per cent.
House prices were reduced by 18 per cent and 12.1 per cent in the 12 months to August 2009 in Dublin and outside Dublin respectively. The equivalent rates to July were reductions of 17.1 per cent and 11.1 per cent respectively.
Over the first eight months of 2009 prices in Dublin and outside Dublin fell by 12.6 per cent and 8.7 per cent respectively.
The average price for a house in Dublin for August was €306,795, while outside Dublin, the price was €204,524. In December the prices were €351,096 and €223,984, respectively.
Commenting, Niall O’Grady of Permanent Tsb said: “The rate of decline has been has been more dramatic during the summer due to low activity in the market and no confidence in any recovery this side of 2010. Recently prices have started to fall faster in the Dublin region due to the high level of surplus stock available.”
The latest figures follow similar house-price reductions in July (-1.1 per cent), June (-1.5 per cent) and May 2009 (-1.3per cent)
