House prices fall 10% in year to August

The pace of house price decline accelerated in August, falling by an average of 0.9 per cent to bring the annul reduction to almost 10 per cent, according to new data from the Permanent TSB/ESRI house price index.

Over the 12 months to August the average national house price has fallen by 9.9 per cent, compared to an average decline of 9.4 per cent recorded in July.

So far this year house prices have fallen 6 per cent, while the average price paid for a house in August was €270,493. This compares to €300,375 in the same month last year.

The latest house price index shows that the average price paid for a house in Dublin in August this year was €374,302, while the average price paid outside the capital was €232,570.

In the commuter counties of Louth, Meath, Kildare and Wicklow, prices fell by 0.8 per cent, compared with a 1.2 per cent drop in July, with the average price for a house in these counties recorded at €296,416.

The average price paid by a first-time buyer was €242,568, while the average price paid by a second-time buyer was €303,105.