House Price Index: January 2008
Latest edition of permanent tsb / ESRI House price index published
02/03/08
Show national house price reduction of 0.7% in January - a smaller reduction than that recorded in each of the last three months of 2007.
National house prices reduced by 0.7% in January of this year – a smaller reduction than was recorded in October (-1.3%), November (-1.1%) or December (-1.5%) last year according to the latest edition of the permanent tsb / ESRI House Price Index.
Measuring the rate of growth in the 12 months (year on year) to January, national prices were down by 8.1%. This compares to a decline of 7.3% recorded in the 12 months to December last year.
The average price paid for a house nationally in January 2008 was euro 285,880, compared with euro 287,887 in December 2007.
Commenting on the results, Niall O’Grady, Head of Marketing, permanent tsb bank said: "The rate of national house price reduction slowed in January compared to the experience in the final months of 2007. There is mounting evidence that sellers are adjusting to more realistic asking prices and buyers are getting better value.”
Dublin V Rest of Country:
Dublin house prices fell by 0.6% in January while there was a reduction of 0.9% for houses bought outside Dublin. In December 2007 the relative price changes were -1.4% and -1.0%.
House prices were reduced by 7.7% and 7.6% in the twelve months to January 2008 in Dublin and Outside Dublin respectively. The equivalent rates to December 2007 were 7.0% and 6.4% respectively.
The average price paid for a house in Dublin and outside Dublin in January 2008 was EUR 395,096 and EUR 247,070 respectively. The equivalent prices in December 2007 were EUR 397,507 and EUR 249,359.
Commuter Counties: - Louth, Meath, Kildare & Wicklow
House prices in the commuter counties of Dublin fell by 0.8% in January 2008, the same reduction as in December 2007. A Year on year reduction to January 2008 in the Commuter counties at 7.3% compares with 6.6% in the 12 months to December 2007.
The price of a house in the commuter counties in January 2008 was euro 318,709, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses
3 bed semi-detached house prices fell by 0.7% in January 2008, while in December last year the reduction was 1.4%.
House prices in this category were reduced by 3.8% year on year to January 2008 compared with 4.0% to December 2007. The price of a 3 bedroom semi in January 2008 was euro 297,181 - down from euro 299,412 recorded in December 2007.
First time buyers V. Second time buyers:
House prices for first-time and second-time buyers were reduced by 1.4% and 0.7% respectively in January 2008. In December 2007 the equivalent rates showed reductions of 0.3% and 1.6%.
House prices were reduced by 7.9% and 8.8% year on year to January 2008 for first-time and second-time buyers respectively. The equivalent rates to December 2007 were 6.5% and 7.9% respectively.
The average price paid by a first-time buyer and a second-time buyer in January 2008 was EUR 257,222 and EUR 319,230 respectively. The equivalent prices in December 2007 were EUR 260,786 and EUR321,498.
New V. Existing Houses
House prices for new houses were reduced by 0.4% in January 2008, while second-hand prices were reduced by 0.1%. In December 2007 the relative price reductions were 0.2% each for new and second hand houses.
New and second hand house prices fell by 5.0% and 9.0% respectively year on year to January 2008. The equivalent rates of growth to December 2007 were 4.1% and 9.0% respectively.
The average price paid for a new house in January 2008 was EUR 288,997, while that paid for a second hand house was EUR 284,383. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.