House prices down 47%
from peak

While the average asking price for property nationally fell in the region of 3.5 percent in the third quarter of 2011 the drop experienced in Co Leitrim was more than double that according to the latest property statistics from daft.ie.

While the average asking price for property nationally fell in the region of 3.5 percent in the third quarter of 2011 the drop experienced in Co Leitrim was more than double that according to the latest property statistics from daft.ie.

The average asking price for property in the county is in the region of w134,875 down nearly 48 percent from the highs seen in 2007. More worrying for those selling in the county is the fact that the average asking price for a five bedroom home in the county is now just w160,000 that’s over w20,000 less than the average asking price for a four-bedroom home.

The daft.ie report also showed that average asking prices have fallen by a massive 16.1 percent form this time last year.

The siutation is even more dire in Co Roscommon where the average asking price is now w131,097, down 47.9% from the peak of 2007. Year on year figures show that the property market has slumped in the last 12 months in Co Roscommon with prices down 17.5 percent. This is also the second consecutive quarter in which prices have continued to fall for our neighbours with drops of 7.8 percent in the last three months alone.

Whilst the prices may be crippling those selling there is no doubt there are plenty of bargains to be had for those few who have access to credit, however experts are warning that more needs to be done to enable people to get onto the property ladder or prices will continue to fall.