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29/07/2010Please 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. Permanent TSB/ESRI House Price Index – Quarter 2 2010 figuresFigures published for Quarter 2 2010
· Pace of decline in average national house prices slows to 1.7%
· Average national prices now at end 2002 levels
· 35% decrease since peak at the end of 2006
Average national house prices in Ireland fell by 1.7% in the 2nd Quarter of 2010 according to the permanent tsb / ESRI House Price Index Quarterly Review published today. This is the lowest quarterly reduction since the second Quarter of 2008 [April – June inclusive] and compares to a reduction in Quarter 1 this year of 4.8% and a reduction of 3.9% in Quarter 2 of last year [2009].
The reduction in average national house prices in the first six months of this year was 6.4%. This compares to a fall of 8.1% in the first six months of last year [2009]. The year on year decline (Quarter 2, 2009 to Quarter 2, 2010) was 17.0% and compares to a reduction of 18.9% year on year to Quarter 1 2010. The average price for a house nationally in Quarter 2, 2010 was EUR 201,364, compared with EUR 242,593 in Quarter 2 2009 and EUR 311,078 at their peak. National prices have fallen 35% since the price peak at the end of 2006.
Dublin V Rest of Country
Dublin house prices fell by 3.5% in the 2nd Quarter of 2010. This compares to a reduction in 1st Quarter 2010 of 10.3% and a reduction of 7.5% in Quarter 4 2009.
The reduction in the first six months of 2010 was 13.5%, and compares to -12.2% in the same period 2009. The year on year decline in Dublin (Quarter 2 2009 to Quarter 2 2010) was 24.6% and compares to a reduction of 24.5% year on year to Quarter 1 2010. The average price for a Dublin house in Quarter 2 2010 was EUR 242,000, compared with EUR 250,872 in Quarter 1 2010.
House prices Outside Dublin fell by 0.8% in the 2nd Quarter of 2010. This compares to a reduction in Quarter 1 2010 of 3.5% and a reduction of 6.2% in Quarter 4 2009.
The reduction in the first six months of 2010 was 4.3%, and compares to -6.0% in the same period 2009. The year on year decline Outside Dublin (Quarter 2 2009 to Quarter 2 2010) was 14.0% and compares to a reduction of 16.2% year on year to Quarter 1 2010. The average price for a house Outside Dublin in Quarter 2 2010 was EUR 181,820, compared with EUR 183,309 in Quarter 1 2010.
Commenting on the figures Niall O’ Grady, General Manager with permanent tsb said “While prices continue to fall at different levels in Dublin versus the rest of the country, this reduction in Quarter 2 is the lowest recorded quarterly fall in almost two years. This may indicate that prices are starting to find a more sustainable level after almost three and a half years of decline”
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 on (01) 8632000 or by email to david.duffy@esri.ie. Special 10th Anniversary Edition of the permanent tsb / ESRI House Price Index20/06/2006National 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:
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 Report23/08/200520% 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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