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The price of a 3-bed semi has dropped by €20k in one area of Dublin

The market slowed in the Dublin area in the last quarter of 2014, amid uncertainty over new Central Bank lending rules.

THE AVERAGE PRICE OF a three-bed semi in Irish towns and cities rose by over 20 per cent in 2014.

That’s according to a survey released this morning by the Real Estate Alliance, which represents chartered surveyors.

While every county in the State showed an increase in three-bed semi prices, the market slowed down in the Dublin area in the last quarter of the year — with one area registering an almost 7 per cent drop in prices.

The capital as a whole saw just a 0.89 per cent average rise from September to December — but areas like Lucan saw a fall of 6.67 per cent, as the price of the average semi-d went from €300,000 back down to €280,000.

“Following an increase in property values of up to 30 per cent over the previous 15 months, the market in Dublin took a breather in Q4,”  REA CEO Philip Farrell said in a statement.

“Traditionally the capital is the first to rise and slow down in any turning market, and we have seen this in Q4, particularly in popular first-time buyer markets like the Lucan area.

“Much of this is due to the air of uncertainty that surrounded the introduction of the new Central Bank lending restrictions, and now that we have clarity here, we should see a return to a more normal market.

“Our agents in Dublin expect prices to rise by six per cent this year.

“This is in comparison to our nationwide average expectation of a nine per cent rise in property prices in 2015.”

According to the REA, the biggest change in buying habits in 2014 has been the return of the banks to the marketplace, with the amount of cash transactions dropping from an average of 66 per cent in December 2013 to 44 per cent in December 2014.

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