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Fall in house prices picks up speed in December

The price of the average residential property fell by 1.7 per cent in December – and lost a sixth of its value in 2011.

Image: Sasko Lazarov/Photocall Ireland

THE AVERAGE PRICE of a residential property in Ireland continued to fall in December – with property prices now falling at their fastest annual rate in almost two years.

The Residential Property Price Index, published this morning by the CSO, reveals that domestic property prices fell by 1.7 per cent in December – faster than the 1.5 per cent decline in November, but down from a recent peak of -2.2 per cent in October.

On a rolling 12-month basis, however, prices dropped by one sixth – 16.7 per cent – the fastest 12-month drop in almost two years.

Residential prices in Dublin fell by 2.4 per cent in December, and are now 19.3 per cent lower than they were at this time last year.

House prices in the capital were down by 3 per cent in a month, and by almost a fifth – 19.9 per cent – over the last twelve months.

Apartments in Dublin lost 15.6 per cent of their value in the last year, but prices were up for the second month in succession, by 1.3 per cent in December and by 4.7 per cent in the previous month.

Outside of Dublin, the average price of a home has now fallen for 25 consecutive months, falling in December by 1.2 per cent leading to an annual drop of 15 per cent.

Read: This house could be yours for under €500

More: Reverse-bid auction “our only chance to sell our home”

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Gavan Reilly

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