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ASKING PRICES FOR residential property fell an average of 5.1 per cent in three months, their steepest decline in 18 months.
The Q2 report by daft.ie on national property prices shows that the average asking price is now half what it was in the peak of 2007.
The county with the steepest decline in prices between Q1 of 2011 (the period January to March) and Q2 (the period April to June) is Offaly. It experienced an 11.7 per cent drop over the last three months. Donegal, (down 9 per cent), Cavan (down 8.9 per cent and Waterford City (down 8.8 per cent) had the next largest drops.
Dublin experienced an average of 5.7 per cent in prices over the three months of April, May and June, with Cork, Galway and Limerick cities suffering similar drops of between 5 and 6 per cent.
While all counties experienced an overall drop in residential property prices, some such as Kerry (1.6), Meath (1.8), Mayo (2 per cent), Leitrim (2.1), Westmeath (2.2) and Carlow (2.5) had a much lower rate of decline.
Constantin Gurdgiev, head of research and strategy for St Columbanus IA, said that the data in the daft.ie report “clearly shows that there is some room for continued significant losses in residential real estate”. He said:
Across all geographies covered in today’s report, asking prices continued to fall and these falls are accelerating once again. Nationwide, asking prices are down 5 per cent in three months through June 2011 – the steepest quarterly decline in 18 months.
In an introduction to the report he said that several factors were combining to hamper economic recovery and meant a “bleak forecast for Irish property markets both commercial and residential going forward”. The “vicious cycle of low yields and collapsing capital gains still has room to run before Irish property markets can see a sustained stabilisation,” he said.
Daft.ie economist Ronan Lyons said that at a very basic level, the “sheer volume of properties” and the difficulty of securing a mortgage were weighing heavily on the market. He told TheJournal.ie:
One thing that has changed in the last few months is the introduction of distressed property auctions which have begun to show what the realistic price level is. The fall in prices has sped up in the last couple of months and that could be increased realism on the part of sellers.
Lyons said that Dublin city centre could stabilise as early as the first half of next year. Prices there fell by 3.9 per cent in the last three months but this was a smaller fall than in other areas of the capital.
Some of the figures in the daft.ie Q2 report for 2011 include:
This map shows the drop in the average residential property comparing Q1 with Q2 (Click here for bigger version):
Meanwhile, MyHome.ie also reported a steady decline in residential property prices in a report on stock on their website. The report found that asking prices are down by an average of just under eight per cent nationally in the first six months of the year. Angela Keegan, MD of MyHome.ie, found that the national asking price for a new home was €235,000, putting prices “back at levels last seen a decade ago”.
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More like Experts are right when they agree with us, and they’re wrong when they disagree :(
This idiot is rarely right but his arrogance knows no bounds questioning the authority of international experts in a field he hasn’t a clue about. The man is a complete buffoon, and a dangerous one at that. The sooner this government is overthrown or FG stage an internal coup to get rid of this clown the better for us all.
Tom
Idiot
Buffoon
Dangerous
Overthrow
Coup
Clown
The selected word are culled from a couple of sentences you have just contributed on a Dail reply to a question by the Taoiseach.
Is it necessary to remind whoever you are that the cowardly anonymity that you avail of when using the language of an out of date left wing terrorist is something that your preferred form of Government would not allow.
It obviously is necessary to remind you that Mr Kenny was the democratic choice of the Irish electorate to become Taoiseach of this Nation and neither the person nor the position should be the subject of such a boorish and libellous assault.
Crawl back into your Social Welfare funded garret.
^^^^ Now there’s hyperbole. Why do you assume he’s on social welfare? Such a narrow-minded, bigoted view of things. You’re obviously using a pseudonym as well, “Richie Rodgers”, which makes you a total hypocrite. I’d agree with Tom in the sense that the man is a moron without a script in front of him. This isn’t the first time he’s essentially declared himself intellectually superior to people in an arrogant and condescending manner. Remember how he addressed Micheal Martin when he challenged him to a debate prior to the referendum? “I wouldn’t want to embarrass you”. I’m no Fianne Failer and certainly no fan of that hypocrite Martin but I know that in any debate scenario he’d mop the floor with Enda Kenny. Frankly, the man seems like a complete idiot that managed to wing his way to the top of Fine Gael and became Taoiseach because of a slew of broken pre-election promises and a protest vote by Irish people against FF.
Pay no attention to rodgers, it’s nothing but a sad troll with no home life and all it does is troll subjects that might give people a chance to say what they feel about kenny & .co
This fool insults to throw a subject into disarray.
Just ignore it.
rodgers the troll accusing someone of “cowardly anominity”… coming from the biggest coward on the journal , that’s rich.
At a time of financial emergency, the ability to scrutinise what a government blatantly not acting in the best interests of the majority of its citizens are up to.
This is another attack on our democracy….and from the weasels who promised us transparency pre-election.
werejammin
Could you be claiming that the FG party which grew out of a failed fascist movement are involved in an attack on democracy?
Enda idiots are often wrong as well and you and your advisor’s are no experts.
Why are they called “experts” then?!
Because they’re likely to get it right.
Ah that’s a great definition of an expert.
If an expert says it can’t be done, get another expert.
David Ben-Gurion
I was told once that an expert was someone who came from far away and did powerpoint presentations an showed slides.
But I do like this one.
“If the world should blow itself up, the last audible voice would be that of an expert saying it can’t be done.”
Peter Ustinov
If it costs on average 600 euros to retrieve information then the filing system is truley messed up or incompentenceis a prerequiset to be employed by this government
Right wing Governments…oops labour are meant to be a socialist Party
I would cost a small fortune to look up stuff on Enda kenny
They are determined to make all news on this be about €15, as though that’s what the problem is. They keep mentioning it as though that’s what it’s all about. €15 IS NOT the problem.
Also, the cost of retrieval IS NOT €600. This was a figure Bertie pulled out of his …, um, mentioned back in 2008, which was later confirmed to be wrong by the Dept of Finance.
Even if it did cost this for civil servants to fulfill an FOI request, it’s not like they were not going to be paid if there was no request. The clue is in the name… they are ‘civil servants’, they provide a civic service. They are paid to do so. Fulfilling FOI requests is such a service. We pay them for this through our taxes.
Exactly, another example of double taxation and there they are pretending that the issue is the amount!
I don’t know why the Irish people are putting up with this.
Article 6 of the Irish constitution clearly states as follows.
(All powers of government, legislative, executive and judicial, derive, under God, from the people, whose right it is to designate the rulers of the State and, in final appeal, to decide all questions of national policy, according to the requirements of the common good.)
In other words WE THE PEOPLE TELL THEM OUR SERVANTS what we want as national policy,is this not national policy and is this not one of the most important requirements for the common good of the people.
Wake up everyone and start taking back our country.
Reply
Hahahaaaa my five point mass emigration plan worked. No one left to care. Don’t bother replying.
But Enda has a mandate.
more likely a date with a man!
If I had the money I would demand an FOI answer as to just how many members of this government are members of Common Purpose and how many of the top civil servants have been on their brainwashing courses. Or is that 2 FOI’s.
That will be €30 please and your questions are deemed frivolous :-)
For anyone who believes that Ireland is a democratic state the proposed FOI legislation is undemocratic in it’s intent and a significant concern.Hard to justify and harder to stomach.
Jim: How am I going to explain the missing documents to the Mail?
Sir Humphrey: Well this is what we normally do in, circumstances like these. [hands over a file]
Jim: [reading] This file contains the complete set of papers, except for a number of secret documents, a few others which are part of still active files, a few others lost in the flood of 1967. [to Humphrey] Was 1967 a particularly bad winter?
Sir Humphrey: No a marvellous winter, we lost no end of embarrassing files.
Jim: [reading] Some records which went astray in the move to London, and others when the War Office was incorporated in the Ministry of Defence, and the normal withdrawal of papers whose publication could give grounds for an action for liable or breach of confidence, or cause embarrassment to friendly governments. [to Humphrey] Well that’s pretty comprehensive. How many does that normally leave for them to look at? [Humphrey says nothing] How many does that actually leave? About a hundred? Fifty? Ten? Five? Four? Three? Two? One? Zero?
Sir Humphrey: Yes Minister.
“Experts aren’t always right”
So that’s why the people of Mayo keep electing you Enda.
Whats up with traffic today. Mental!
Foi’s in the road.
The “Experts” seem to be right when it suits the Govt.
This is getting worse and worse.
This Govt is a total disgrace and terrible for the Irish People.
Well said Enda inspirational leadership yet again
Take your tongue outta there! Ain’t no brown nosing in my department…..now make me tae, quick snap.
Kennocchio
“freedom costs a buck o five”
Seems fair after all someone has to be paid to do this non essential work
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