House Price Index: June 2008
- Figures show national house price reduction of 0.6% in June
- First half of 2008 reduction stands at 5.0%, while year on year the rate is 9.7%.
Average national house prices fell by 0.6% in June according to the latest edition of the permanent tsb / ESRI House Price Index. This follows reductions [1.2%] in May, [1.1%] in April, [0.7%] in March, [0.8%] in February and [0.7%] in January.
In the first half of 2008 average national prices fell by 5.0%, compared with -4.4% to May 2008 and a drop of 2.6% to June 2007.
Measuring the rate of growth in the 12 months (year on year) to June, average national prices were down by 9.7%. This compares to a decline of 9.5% recorded in the 12 months to May.
The average price paid for a house nationally in June 2008 was euro 273,392. This compares to euro 287,887 in December 2007 and euro 302,605 in June last year.
Commenting on the results, Niall O’Grady, General Manager Business Strategy, permanent tsb said: “Price reductions are continuing nationally and while there have been reductions in all segments of the market, the sharper fall in the price of new houses reflects a more aggressive approach by developers in order to stimulate some market demand.”
Dublin V Rest of Country
Dublin house prices fell by 0.2% in June while houses outside Dublin reduced by 0.8%. In May the relative price changes were -1.6% and -0.8%.
In the first half of 2008 prices for Dublin and Outside Dublin were down 4.5% and 5.1% respectively. The equivalent changes last year were -2.0% and -3.2%.
House prices were reduced by 9.4% and 8.3% in the twelve months to June 2008 in Dublin and Outside Dublin respectively. The equivalent changes in the twelve months to May were -10.4% and -8.4% respectively.
The average price paid for a house in Dublin and outside Dublin in June 2008 was EUR 379,727 and EUR 236,576 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 1.4% in June 2008, while the reduction in May was 0.9%. In the first half this year prices fell by 5.9% compared to 3.9% last year. A year on year reduction to June 2008 in the Commuter counties of 8.5% compares with 7.9% in this category over the 12 months to May.
The price of a house in the commuter counties in June 2008 was euro 302,541, down from euro 321,403 in December 2007.
3 Bedroom Semi-detached Houses
3 bed semi-detached house prices reduced by 0.5% in June 2008, compared with a reduction of 1.3% in May. Year to date prices fell by 2.8% compared to 4.8% in same period last year.
House prices in this category were reduced by 2.0% year on year to June 2008 compared with a reduction of 2.9% to May 2008. The price of a 3 bedroom semi in June 2008 was euro 290,934 - 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 0.2% and 0.6% respectively in June 2008. In May the equivalent rates showed reductions of 1.2% and 1.5%. Year to date prices for first-time and second-time buyers were down 5.5% and 4.7% respectively, while growth rates for the same period last year were -3.2% and -2.6%.
House prices were reduced by 8.7% and 9.9% year on year to June 2008 for first-time and second-time buyers respectively. The equivalent rates to May were reductions of 9.4% and 9.9% respectively.
The average price paid by a first-time buyer and a second-time buyer in June 2008 was EUR 246,529 and EUR 306,380 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 1.3% and 0.4% respectively in June 2008. In May the relative price reductions were 1.7% and 1.5%. Year to date prices for new and existing houses were down 6.1% and 3.9% respectively. The equivalent changes last year were -1.2% and -2.7%.
New and second hand house prices fell by 8.8% and 10.1% respectively year on year to June 2008. The equivalent changes to May were -8.3% and -10.0% respectively.
The average price paid for a new house in June 2008 was EUR 272,532, while that paid for a second hand house was EUR 273,592. The equivalent levels in December 2007 were EUR 290,296 and EUR 284,608.