Mortgage News
Irish house prices still plummeting
Average house prices in Ireland fell by 12.2% in the year to April 2011, according to the Central Statistics Office.
On a monthly basis they decreased by 1% in April and 1.7% in March.
In the capital average prices lost 0.7% in April and were 13% down on a year ago. Overall property prices in Dublin are almost 46% lower than they were at the peak of the market in 2007. Apartment values have dropped by 53%.
For the rest of Ireland residential property prices are 36% lower than at the peak of 2007.
Mortgage lending has dropped about 95% from the market’s peak. The number of new mortgages granted in the first quarter fell 53% to 3,259 from a year earlier, according to the Dublin based Irish Banking Federation.
More than 300,000 households, or about 40% of mortgages, may end up in negative equity before the property market bottoms out, according to David Duffy, an economist at the Economic & Social Research Institute in Dublin.
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