Saturday, October 1, 2011

Irish property prices set to officially halve by end of next year

How low can house prices go?

Ireland’s property boom was the biggest, and the crash the most violent, and according to statisticians, the total decline since the property-price peak in late 2007 is now more than 43 per cent. Auction figures from auctioneer Sherry FitzGerald published this week, are even worse, suggesting that average prices are down by a huge 58 per cent since 2007. Bank stress testing consultants also expect prices to fall a further 20% globally. Since early 1997 Irish property prices quadrupled in 10 years and only two peer countries have see house price rises of remotely similar proportions and these were Britain and Spain. The US saw a much more modest rise over the same period, of about 130 per cent, which was not unusual internationally.

Posted by enuii @ 12:19 PM (8941 views)
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4 thoughts on “Irish property prices set to officially halve by end of next year

  • Zero interest rate policy in Ireland as in the UK, and the same lunatic lending by the banks in the boom years in both countries.

    The UK housing correction hasn’t even started, but I believe the banks will decide when they are ready for prices to fall in the UK.

    If the UK fails to correct with the rest of the World, then I can a situation where many will truly embrace the European model of renting

    The current home owners may find that when they wish to sell their houses, the market may have simply disappeared.

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  • “auctioneer Sherry FitzGerald published this week, are even worse, suggesting that average prices are down by a huge 58 per cent since 2007”

    Happy days!

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  • will,you could be right…in japan property prices are still 40% less than 1991 rising from 70% down…that despite zero interest rates(which fuelled the dotcom boom and some of us housing boom via carry trade)

    because of deflation property is still unaffordable for first time buyers and the population has fallen to 1950 level as kids leave the country

    same could happen here

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  • cornishtinmine says:

    I used to be proud to be British – unless the government gets it’s act together I’m considering leaving the country

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