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permanent tsb/ESRI House Price Index 1996 - 2011

Discontinuation of the permanent tsb/ESRI House Price Index

16/5/2011

The ESRI and permanent tsb have decided to cease the production of the index.   This decision has been taken primarily as a result of the introduction by the Central Statistics Office of a monthly index which will measure average prices for dwellings around the country and which is based on information provided by a number of financial institutions.  The CSO index will be published monthly from 13th May 2011. 


permanent tsb/ESRI House Price Index – Quarter 4 2010 figures

18/1/2011 Please note that due to the low sample size a decision has been made to issue the permanent tsb / ESRI House Price Index on a quarterly basis rather than the current monthly report.

Figures published for Quarter 4 2010
 
·         Average national house price declines by 3.5% in Quarter 4 2010
·         Average national house prices now at Quarter 2 2002 levels
·         38% decrease since peak at the end of 2006
 
Tuesday 18th January 2011 .  While the rate of decline in average house prices in Ireland rose in the final quarter of 2010 compared to the previous quarter, the rate of decline for the year as a whole [2010] was significantly less than what was seen in 2009 according to the latest edition of the permanent tsb/ESRI House Price Index.
 
According to the index, average national house prices in Ireland fell by 3.5% in the 4th Quarter of 2010 [October, November & December] according to the permanent tsb / ESRI House Price Index Quarterly Review published today.  This compares to a reduction in Quarter 3 2010 of 1.3%.
 
The reduction in average national house prices for the full year 2010 was 10.8%.  This compares to a fall of 18.5% in 2009 and a year on year decline of 14.8% to Quarter 3 2010. 
 
The average price for a house nationally in Quarter 4, 2010 was EUR 191,776, compared with EUR 215,086 in Quarter 4 2009 and EUR 311,078 at the peak.  National prices have fallen 38% since the price peak at the end of 2006.
 
Dublin V Rest of Country
Dublin house prices fell by 0.6% in the 4th Quarter of 2010. This compares to a reduction in 3rd Quarter 2010 of 1.2% and a reduction of 3.5% in 2nd Quarter 2010.
 
The reduction in 2010 for Dublin houses was 15.1%. This compares to a fall of 23.4% in 2009 and a year on year decline of 21.0% to Quarter 3 2010.  The average price for a Dublin house in Quarter 4 2010 was EUR 237,480, compared with EUR 238,986 in Quarter 3 2010.
 
House prices Outside Dublin fell by 2.9% in the Quarter 4 of 2010. This compares to a reduction in Quarter 3 2010 of 1.2% and a reduction of 0.8% in Quarter 2 2010.
 
The reduction in 2010 was 8.1%. This compares to a 15.6% decline in 2009 and a year on year decline of 11.2% to Quarter 3 2010.  The average price for a house Outside Dublin in Quarter 4 2010 was EUR 174,570, compared with EUR 179,721 in Quarter 3 2010.
 
Commenting on the figures Niall O’ Grady, General Manager with permanent tsb said “With low transaction volumes, continuing price declines and a sluggish economy, the outlook is for a very subdued property and mortgage market in 2011”.
 
Editors Notes
The permanent tsb/ESRI house price index is based on the agreed sale price and is calculated using data from mortgage drawdowns.
 

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Editors Notes
The index is based on the agreed sale price and is calculated using data from mortgage drawdowns. Therefore a lag exists between the time the sale price is agreed and when the mortgage is drawn down.

For further information contact David Duffy (ESRI) on (01) 8632000 or by email to david.duffy@esri.ie; or Niall O’ Grady, permanent tsb, General Manager Marketing, 087 2921998.

Special 10th Anniversary Edition of the permanent tsb / ESRI House Price Index

20/06/2006

National House Prices in Ireland have risen by an average of 14.9% for each of the last ten years according to a special edition of the permanent tsb House Price Index published today. Compiled in association with the ESRI, the index is widely regarded as the most authoritative measure of house price movements in Ireland. Today’s special edition of the index was published to mark its 10th year measuring house price changes in Ireland. Headline figures from the special 10th Anniversary Index reveal the following:

  • National house prices have increased by 270% over the past ten years – compared to a total rise of just 30% in the consumer price index.
  • The average cost of a house in 1996 was just euro75,000. Ten years later (2005) the average cost had increased to euro280,000.
  • On average national prices rose by an AVERAGE of 14.9% each year for those ten years.
  • In one year (1998) average national prices grew by a massive 30%.
  • Ten years ago the average difference between buying a house in Dublin or outside of Dublin was just euro10,000. Today that figures has grown to some euro130,000.
  • A third of the current total number of houses in Ireland (547,000 houses – known as “the housing stock”) was built in the last ten years.
  • The value of all the houses in Ireland is estimated at some euro412 billion – a four-fold increase on the figure ten years ago.
  • Rise in number of house completions each year from 33,700 (1996) to 81,000 (2005).

Speaking today, Niall O’Grady, Head of Marketing with permanent tsb said; “We have been through an extraordinary decade in the Irish housing market. For many that decade has been challenging in the extreme – particularly for those trying to get on to the property ladder. For others – including many ordinary home owners – it has brought significant opportunity and promise and for others it has been very lucrative.”

“Without doubt the dramatic price growth which has taken place over the past decade has had solid foundations; low interest rates, strongly supportive demographic trends and an outstanding employment fuelling economic performance. In isolation any of these elements would have supported a strong housing market. Together they created the circumstances which have led to the exceptional growth in prices we have become familiar with.”

“Looking forward, these different elements remain in place in the Irish market and while the era of successive years of double digit price growth are unlikely to be repeated, we strongly concur with the view that we are entering the phase of the so-called soft landing where the gains in house prices which have already been made will be consolidated and were single digit price growth is likely for a number of years to come.” [note: for this year permanent tsb continue to expect a rise in national prices of approximately 10%].

Full details of the 10th Anniversary House Price Index are available in a power point presentation from the permanent tsb website at www.permanenttsb.ie.

For further information contact Niall O’Grady, Head of Marketing Permanent tsb bank, on 087 2921998.


First Time Buyers Report

23/08/2005

20% of First Time Buyers benefit from a gift from a parent or relative to help fund their house purchases, according to new research from permanent tsb and the ESRI. The research reveals that in the case of such 'gifts', the average received is €15,000. The reseach also confirms that most people who have recently bought their first house are more comfortable with their mortgage payments than had been thought.


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