House Price Index: November 2007
20/12/07
Average decline of 5.9% in the last 12 months
Average national house prices declined by 1.1% in November, according to the latest edition of the permanent tsb / ESRI House Price Index. This compares to a decline of 1.3% in October. Measured over the past twelve months [November 2006 to November 2007 inclusive], the index shows that average prices declined by 5.9% in that period. Measured since the start of this year, that decline has been 6.0%.
The average price paid for a house in Ireland in November now stands at EUR 292,124, compared with EUR 310,409 in November last year.
The house price index measures the movement of house prices on a month by month basis. It is prepared by permanent tsb bank and the ESRI and is considered the most accurate measure of house price movements in the country.
Commenting on the results, Niall O’Grady, Head of Marketing, permanent tsb bank said; “The figures for November are pretty much in line with expectations. While the picture differs from sector to sector, the reality is that demand is sluggish and potential purchasers appear to be delaying their decisions while the market settles. However the increasing rents being seen does reflect the fact that there remains a significant pool of potential purchasers waiting for the right time to purchase.”
Dublin V Rest of Country:
Dublin house prices declined by 0.1% in November, while prices Outside Dublin declined by 0.8%. In October 2007 the relative price changes were (minus) 0.4% and (minus) 1.3%. Over the first eleven months of this year, prices were down by 5.6% and 5.4% respectively.
In the 12 months to the end of November 2007, house prices in Dublin and Outside Dublin declined by 5.6% and 5.5% respectively. The equivalent rates to October 2007 were (minus) 4.8% and (minus) 4.9%.
The average price paid for a house in Dublin and outside Dublin in November 2007 was EUR 403,233 and EUR 251,839 respectively. The equivalent prices in December 2006 were EUR 427,343 and EUR266,339.
Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties of Dublin declined by 0.5% in November 2007, compared to a slight decrease of 0.1% in October 2007. During the first eleven months of this year prices reduced by 5.9%. Year on year growth to November 2007 in the Commuter counties was (minus) 6.5%, compared with the (minus) 5.5% recorded in the 12 months to October 2007.
The price of a house in the commuter counties in November 2007 was EUR 323,853, down from EUR 344,186 in December 2006.
3 Bedroom Semi-detached Houses:
3 bed semi-detached house prices rose by 0.4% in November 2007, while in October this year prices decreased by 0.1%. During the first eleven months of this year prices were down by 2.6%.
House prices in this category declined by 2.2% year on year to November 2007 compared with a reduction of 2.6% in the year to October 2007. The price of a 3 bedroom semi in November 2007 was EUR 303,651 - down from EUR 311,906 recorded in December 2006.
First time buyers V. Second time buyers:
House prices in November for first-time and second-time buyers reduced by 0.1% and 1.4% respectively. In October 2007 the average price paid for first time and second time buyers was down 1.0% and 1.3% respectively. During the first eleven months of this year prices were down by 6.2% and 6.4% respectively.
House prices declined by 6.4% and 6.5% year on year to November 2007 for first-time and second-time buyers respectively. The equivalent growth rates to October 2007 were (minus) 6.1% and (minus) 4.9% respectively.
The average price paid by a first-time buyer and a second-time buyer in November 2007 was EUR 261,578 and EUR 326,789 respectively. The equivalent prices in December 2006 were EUR 279,003 and EUR349,213.
New V. Existing Houses:
House prices for new and existing houses were down by 0.7% and 1.2% respectively in November. In October this year the equivalent price changes were (minus) 1.3% and (minus) 2.3%. During the first eleven months of this year prices reduced by 3.9% and 8.8% respectively.
Prices for new houses declined by 3.6%, while prices for second hand houses declined by 8.8% year on year to November 2007. The equivalent rates of growth to October 2007 were minus 2.5% and minus 7.7% respectively.
The average price paid for a new house in November 2007 was EUR290,946, while that paid for a second hand house was EUR 285,057. The equivalent levels in December 2006 were EUR 302,645 and EUR 312,709.