House Price Index April 2008
- Figures show national house price reduction of 1.1% in April.
- First four months of 2008 reduction stands at 3.3%, while year on year the rate is 9.2%.
- New house prices fell by almost double the national rate.
Average national house prices fell by a further 1.1% in April according to the latest edition of the permanent tsb / ESRI House Price Index. This follows reductions [0.7%] in March, [0.8%] in February and [0.7%] in January.
In the first four months of 2008 average national prices fell by 3.3%.
Measuring the rate of growth in the 12 months (year on year) to April, average national prices were down by 9.2%. This compares to a decline of 8.9% recorded in the 12 months to March.
The average price paid for a house nationally in April 2008 was euro 278,521. This compares to euro 287,887 in December 2007.
Commenting on the results, Niall O’Grady, General Manager Marketing, permanent tsb bank said: "While the trend of falling house prices continued in April, there is a clear sign of a more pronounced reduction in the price of new houses as sellers move to drive activity in this sluggish sector. Meanwhile the three bedroom sector remains the most resilient.”
Dublin V Rest of Country:
Dublin house prices fell by 0.9% in April while there was a reduction of 0.8% for houses outside Dublin. In March the relative price changes were -0.2% and -0.6%.
In the first four months prices for Dublin and Outside Dublin were down 2.7% and 3.6% respectively. The equivalent rates last year were +0.6% and -1.5%.
House prices were reduced by 10.0% and 8.4% in the twelve months to April 2008 in Dublin and Outside Dublin respectively. The equivalent rates to March were -9.1% and -8.8% respectively.
The average price paid for a house in Dublin and outside Dublin in April 2008 was EUR 386,658 and EUR 240,392 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 1.5% in April 2008, while the reduction in March was 0.5%. In the first four months this year prices fell by 3.7% compared to 3.6% last year. A year on year reduction to April 2008 in the Commuter counties of 6.8% compares with 7.1% in this category over the 12 months to March.
The price of a house in the commuter counties in April 2008 was euro 309,400, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses:
3 bed semi-detached house prices rose slightly (+ 0.1%) in April 2008, as they did in March (+0.2%). Year to date prices fell by 1.0% compared to 1.6% in same period last year.
House prices in this category were reduced by 3.5% year on year to April 2008 compared with 4.4% to March 2008. The price of a 3 bedroom semi in April 2008 was euro 296,289 - 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 0.6% and 1.1% respectively in April 2008. In March the equivalent rates showed reductions of 1.3% and 0.5%. Year to date prices for first-time and second-time buyers were down 4.2% and 2.7% respectively, while growth rates this time last year were -0.5% and -1.6%.
House prices were reduced by 10.0% and 8.9% year on year to April 2008 for first-time and second-time buyers respectively. The equivalent rates to March were 10.2% and 8.8% respectively.
The average price paid by a first-time buyer and a second-time buyer in April 2008 was EUR 249,895 and EUR 312,931 respectively. The equivalent prices in December 2007 were EUR 260,786 and EUR321,498.
New V. Existing Houses:
House prices for new and second-hand houses were reduced by 2.0% and 0.8% respectively in April 2008. In March the relative price reductions were 0.5% and 0.7%. Year to date prices for new and existing houses were down 3.2% and 2.0% respectively. The equivalent rates last year were +0.5% and
-1.6%.
New and second hand house prices fell by 7.6% and 9.3% respectively year on year to April 2008. The equivalent rates to March were 5.8% and 9.3% respectively.
The average price paid for a new house in April 2008 was EUR 280,981, while that paid for a second hand house was EUR 278,987. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.