The average price paid for a house in Ireland continued to fall in May, according to latest figures released today.
According to the report from the Economic and Social Research Institute (ESRI) and Permanent TSB, the average price paid for a house nationally in May was €304,166. This figure compares with an average house price of €310,632 in December last year.
The average price of a house in Ireland in May this year fell by 0.8 per cent or €2,453 in the month from April. This follows the downward trend of 0.8 per cent seen in April and a reduction of 0.6 per cent in March.
The results for the year to date indicate a reduction in average house prices of 2.1 per cent nationally; this compares to an increase of 6.7 per cent for the same period last year.
In 12 months to the end of May, the average price of a house was 2.6 per cent higher than the average price for the same period last year.
House prices in May for first-time and second-time buyers were reduced by 1.8 per cent and 0.5 per cent respectively, an increase on April's figures which stood at -0.8 per cent and -0.9 cent. The movement of house prices for the first five months to May stood at 2.3 per cent for first time buyers and -2.1 for second time buyers.
According to the ERSI report, new and second-hand house prices grew by 3.3 per cent and 2.4 per cent respectively year-on- year to May 2007. The equivalent rates of growth to April 2007 were 5.5 per cent and 4.7 per cent respectively.
The price of a house in Dublin was reduced by 1.2 per cent in May, while houses outside the capital saw a reduction in price of 0.8 per cent. In the 12 months to May house prices in Dublin grew by 7.6 per cent, while those outside Dublin rose by 1.5 per cent.
The report states that the average price paid for a house in Dublin and outside Dublin in May 2007 was € 424,631 and € 260,234 respectively. The equivalent prices in December 2006 were €427,343 and €266,339 respectively.
The average house price in the commuter counties of Dublin was €332,917 - down on December 2006's figure of €344,186.
Having fallen slightly during April, house prices in Dublin's commuter counties saw a slight increase of 0.3 per cent . Year-on-year growth to May 2007 in Dublin's commuter counties was 3.0 per cent, down from 4.8 per cent in the 12 months to April 2007.
According to the report the average price of a three bedroom semi-detached house fell by 0.9 per cent in April this year. The price of a three bedroom semi in May was €301,197 - down from € 311,906 last December.