Average house prices across the Republic declined by 0.8 per cent during February, the latest permanent TSB/ESRI House Price Index has revealed.
This follows declines of 1.4 per cent drop in January, 0.9 per cent in December and 0.5 per cent of November.
Interestingly, the recorded year-on-year decline in house prices dropped by 9.7 per cent, with the 2.2 per cent drop since the turn of the year contrasting with the 1.5 per cent dip in during the same two months last year.
The average Irish house price in February stood at €255,999 (was there a 99 cent in there too, one wonders?), compared to the December average of €261,573 and the peak price in February 2007 of €311,078.
To put it simply, the house you bought in February ’07 would be almost 20 per cent cheaper to purchase today.
“While affordability is improving for customers due to the series of rate reductions and two consecutive years of reductions in house prices, customers seem unconvinced that the market has bottomed out yet,” said permanent tsb’s Niall O’Grady.
The average Dublin home sold for €339,042 in February while the ‘outside Dublin’ average stood at €220,741.
The average price paid for a new house in February was €261,483, with the average second hand home sold for €251,111, with the equivalent levels in December coming to €266,466 and €256,956 respectively.
Local selling agents are reporting positive movement in the market. This is evidenced in this newspaper by the slight but noticeable increase in property advertising in recent weeks, so it appears our appetite for a place to call our own is kicking in once more.