April house price drop was a record
Submitted by admin on Wed, 05/27/2009 - 22:17
New figures show that falls in house prices accelerated last month, with a particularly sharp fall in house prices for first-time buyers.
The house price index, compiled by Permanent TSB and the ESRI, fell by 1.9% in April, the biggest monthly drop since the index started in 1996. Prices fell at an annual rate of 10.7% in April, up from 10% in March.
House prices for first-time buyers dropped by 4.1% in April from March. Permanent TSB's Niall O'Grady said this reflected their reluctance to buy in a market which was still declining, and where prices of unsold properties were being cut further. Prices for second-time buyers were down 0.8% in the month.
He also said that he expects house prices nationally to continue falling to 2001/2002 levels.