House prices in Waterford city have declined by almost 30 per cent from the peak asking price recorded back in 2007, the latest House Price Report has revealed.
In its 2009 review, it revealed that the average city asking price last year stood at €195,881 (down 29.2 per cent on ’07) with the average county price coming in at €237,526 (down 26.9 per cent).
On a year-by-year basis, city asking prices in 2009 fell by 23.2 per cent when compared to 2008, with the decline in the final quarter of ’09 down 11 per cent on Q3.
Meanwhile, county asking prices during 2009 were 23.2 per cent lower than the previous year, with the quarter-on-quarter change standing at minus 8.6 per cent.
Analysing the report, Alan McQuaid of Bloxham Stockbrokers said it made for “sober reading,” offering little indication “that things will improve dramatically on the housing market front any time soon”.
Seeking a chink of light amidst the gloomy data, Mr McQuaid said that the rate of decrease in asking prices “appears to be easing off”.
But he stressed: “It is difficult to see the property market improving dramatically until labour market conditions get better and consumers become more confident about their job prospects going forward.
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