House Price Index: February 2008
27/03/08
- Figures show average national house price reduction of 0.8% in February
- First two months of 2008 reduction stands at 1.50%
Average national house prices fell by a further 0.8% in February according to the latest edition of the permanent tsb / ESRI House Price Index. This follows a similar reduction [0.7%] in January. This indicates some easing in the rate of reduction compared to the final quarter of last year, when the monthly average price change was -1.3% [October], -1.1% [November] and -1.5% [December].
Measuring the rate of growth in the 12 months (year on year) to February, average national prices were down by 8.8%. This compares to a decline of 8.1% recorded in the 12 months to January.
The average price paid for a house nationally in February 2008 was euro 283,650. This compares to euro 287,887 in December 2007.
Commenting on the results, Niall O’Grady, General Manager Marketing, permanent tsb bank said: "I think the rate of price decrease over the first two months of the year is lower than many people might have expected. We are also seeing that some sellers are finally grasping the point that people are interested in buying properties if the prices sought are realistic. This in turn is leading to more market transactions when compared to quarter 4 2007.”
Dublin V Rest of Country:
Dublin house prices fell by 1.1% in February while there was a reduction of 1.3% for houses outside Dublin. In January the relative price changes were -0.6% and -0.9%.
House prices were reduced by 8.9% and 8.8% in the twelve months to February 2008 in Dublin and Outside Dublin respectively. The equivalent rates to January were 7.7% and 7.6% respectively.
The average price paid for a house in Dublin and outside Dublin in February 2008 was EUR 390,877 and EUR 243,826 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 1.0% in February 2008, while the reduction in January was 0.8%. A year on year reduction to February 2008 in the Commuter counties of 7.4% compares with 7.3% in this category over the 12 months to January.
The price of a house in the commuter counties in February 2008 was euro 315,524, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses:
3 bed semi-detached house prices fell by 0.5% in February 2008, while in January the reduction was 0.7%.
House prices in this category were reduced by 3.9% year on year to February 2008 compared with 3.8% to December 2007. The price of a 3 bedroom semi in February 2008 was euro 295,619 - 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 1.0% and 0.4% respectively in February 2008. In January the equivalent rates showed reductions of 1.4% and 0.7%.
House prices were reduced by 8.9% and 8.8% year on year to February 2008 for first-time and second-time buyers respectively. The equivalent rates to January were 7.9% and 8.8% respectively.
The average price paid by a first-time buyer and a second-time buyer in February 2008 was EUR 254,697 and EUR 317,970 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 0.4% each in February 2008. In January the relative price reductions were 0.4% and 0.1% for new and second hand houses.
New and second hand house prices fell by 6.0% and 9.3% respectively year on year to February 2008. The equivalent rates of growth to January were 5.0% and 9.0% respectively.
The average price paid for a new house in February 2008 was EUR 287,913, while that paid for a second hand house was EUR 283,259. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.