House Price Index: May 2008
- Figures show national house price reduction of 1.2% in May
- First five months of 2008 reduction stands at 4.4%, while year on year the rate is 9.5%.
Average national house prices fell by 1.2% in May according to the latest edition of the permanent tsb / ESRI House Price Index. This follows reductions [1.1%] in April, [0.7%] in March, [0.8%] in February and [0.7%] in January.
According to the latest ptsb/ESRI House Price Index Report, the first five months of 2008 showed average national prices fell by 4.4%, compared with -3.3% to April 2008.
Measuring the rate of growth in the 12 months (year on year) to May, average national prices were down by 9.5%. This compares to a decline of 9.2% recorded in the 12 months to April.
The average price paid for a house nationally in May 2008 was euro 275,176. This compares to euro 287,887 in December 2007.
Commenting on the results, Niall O’Grady, General Manager Business Strategy, permanent tsb said: “The combination of higher customer mortgage rates and weaker confidence in the economy is increasing uncertainty about the immediate future of the property market. This has resulted in lower demand thereby reducing transaction numbers and property prices.”
Dublin V Rest of Country:
Dublin house prices fell by 1.6% in May while houses outside Dublin reduced by 0.8%. In April the relative price changes were -0.9% and -0.8%.
In the first five months prices for Dublin and Outside Dublin were down 4.3% and 4.4% respectively. The equivalent changes last year were -0.6% and -2.3%.
House prices were reduced by 10.4% and 8.4% in the twelve months to May 2008 in Dublin and Outside Dublin respectively. The equivalent changes in the twelve months to April were -10.0% and -8.4% respectively.
The average price paid for a house in Dublin and outside Dublin in May 2008 was EUR 380,329 and EUR 238,484 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 0.9% in May 2008, while the reduction in April was 1.5%. In the first five months this year prices fell by 4.6% compared to 3.3% last year. A year on year reduction to May 2008 in the Commuter counties of 7.9% compares with 6.8% in this category over the 12 months to April.
The price of a house in the commuter counties in May 2008 was euro 306,705, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses:
3 bed semi-detached house prices reduced by 1.3% in May 2008, compared with a very small increase in April (+0.1%). Year to date prices fell by 2.3% compared to 3.4% in same period last year.
House prices in this category were reduced by 2.9% year on year to May 2008 compared with 3.5% to April 2008. The price of a 3 bedroom semi in May 2008 was euro 292,496 - down from euro 299,412 recorded in Dec. ‘07.
First time buyers V. Second time buyers:
House prices for first-time and second-time buyers were reduced by 1.2% and 1.5% respectively in May 2008. In April the equivalent rates showed reductions of 0.6% and 1.1%. Year to date prices for first-time and second-time buyers were down 5.3% and 4.2% respectively, while growth rates for the same period last year were -2.3% and -2.1%.
House prices were reduced by 9.4% and 9.9% year on year to May 2008 for first-time and second-time buyers respectively. The equivalent rates to April were reductions of 10.0% and 8.9% respectively.
The average price paid by a first-time buyer and a second-time buyer in May 2008 was EUR 246,925 and EUR 308,144 respectively. The equivalent prices in December 2007 were EUR 260,786 and EUR 321,498.
New V. Existing Houses:
House prices for new and second-hand houses reduced by 1.7% and 1.5% respectively in May 2008. In April the relative price reductions were 2.0% and 0.8%. Year to date prices for new and existing houses were down 4.9% and 3.5% respectively. The equivalent changes last year were -0.5% and
-2.4%.
New and second hand house prices fell by 8.3% and 10.0% respectively year on year to May 2008. The equivalent changes to April were -7.6% and -9.3% respectively.
The average price paid for a new house in May 2008 was EUR 276,215, while that paid for a second hand house was EUR 274,716. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.