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Property prices continue to fall in September

The annual rate of decline in residential property prices is now at 14.3 per cent, up from 13.9 per cent in August.

Image: Paul Faith/PA Archive/Press Association Images

THE RESIDENTIAL PROPERTY market continued its downward trend in September with prices falling by 1.5 per cent, according to the Central Statistics Office.

The Residential Property Prices Index indicated an overall fall of 14.3 per cent in the year to September compared with the annual rate of 13.9 per cent in August, and a decline of 11.1 per cent in the 12 months to September 2010.

In the capital, residential property prices fell by 2.1 per cent in September and were 15.6 per cent lower than a year ago.

Overall since 2007 Dublin house prices have fallen by 49 per cent.  Apartments in the capital are 59 per cent lower in price than they were in February 2007.

The price of residential properties in the Rest of Ireland, outside of Dublin, fell by 1 per cent in September, compared with a fall of 0.3 per cent in August.

A similar rate of decline was recorded in September last year. Prices were 13.2 per cent lower than in September 2010, the CSO says.

Read: Property prices continue slide, down 1.6 per cent in August >

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Hugh O'Connell

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