This is the highest number of drops recorded since we started producing the Daft report, with 1 in 25 properties on the market dropping their price in the last 3 weeks alone.
Over the period from the 4th of January to the 26th of January there were 2,009 price drops and the average drops was 6.2%.
The report is also available in excel and html formats
9,069 properties listed in Daft have now dropped the price at least once.
This report is only available in excel format
Analysis is provided by
- County
Time on the Market
On average properties have been on the market for is now 146 days are remain unsold
Sligo remains at the top of the list but is now joined by Mayo where properties on now on the market for an average of 174 days.
Time on the Market Report is available in html.
40% of properties listed on Daft have now been for sale for more than 6 months while 20% have been on the market for 10 months or more.
Dreadedestate
Thanks again for your most recent update on the current state of play in the Irish market.Your website is the most interesting one i can find on irish property.It would be even better if myhome would let there website be tracked but as it is owned by the estate agents this is unlikely.
I am hoping to see even more reductions over the coming months as Irish property is over valued by at least 25%.I think we should see some real bargins around september just before interest rates drop by .5% and the world wide recession is in full swing.
Thanks again for your effort in compiling the reports
P
Each house price drop diminishes me,
For I am involved in estate agency.
Therefore, send not to know
For whom the bell tolls,
It tolls for thee.
No apartment is an island, entire of itself.
Each apartment is a piece of the block, a part of the development.
If a studio’s price be dropped, the market is the less, as well as if a penthouse were, as well as if an estate of thy neighbour’s, or of thine own were…..
To the IPW Team,
Folks, I’ve noticed some properties are listed on myhome.ie but not on daft.ie
So, I’m wondering if you have looked at trying to identify what proportion of the overall secondhand housing stock is not finding its way onto daft.ie
This is important as it will allow everybody understand:
1. how accurate a picture we can gain from the ipw.ie data
2. as more stock floods the market, EA’s may attempt to reduce usage of daft.ie in order to manipulate the true data being shared with the general public
Not wanting to suggest illegal activities but there are lads out their with the know how to drop bots and data mining probes on the myhome.ie server, etc. Nothing is impossible.
UBS analyst Ross Curran said there was a risk that commercial property values in Ireland could fall by another 30% (taken from RTE website)
Maybe then we can start to see affordability. Lets be honest when a run down semi-detached in Santry costs 500,000 then market can only spiral downwards
Tyrone
I would wait to hear what other banks had to say before agreeing with UBS. It seems all UBS has for Ireland is doom and gloom and advised investors against I think it was holding shares in Irish Banks within the last few days just to add to the advised commercial downturn.
Remember UBS had a $10 Billion writedown re its own subprime investments recently so I would take anything they say under advisement.
In relation to affordability I agree with you, when its a half mill for a mediocre dwelling in Santry “its time to think white and get real” probably mis-quoted Jack Nicholson from As Good As It Gets.
Ive been wathcing prices in two area for two years now, Drumcondra and Mountjoy Square. Im from Drumcondra and Live in Mountjoy Sq.
Property has gone from 550k (3 bed terrace) in Drummer to 400k approx in 18 months and the place i live (renting) in from 450K to 290k (2 bed apt). There are some exceptions of course but this is not reflected in many sites. Im warning pals to hold what they have or not buy yet depending if the have a place or not. Id love to see the trend analysis of this over the last year or so to get a good idea of the downward trend. I still seed many 1 bed apts holding onto the 250k price tag but none are moving, the parnell st one’s are on line for sale foe over a year now. I know why there are not selling too. PLace is so badly run that is a nightmare to move there. Ive run both blocks i lived in and dumped out the maanement co. worst was KPM….but really they are all bad…people should just run thier own place outsource to individual companies the work..Just saying.
Breaking through the €250k basement price will be the litmus test. Once you see that being breached, the spill over consequences to other segments, i.e. the €600k semi-D’s have dropped and holding at €550/560k but in theory should be €480/500k. This will happen, possibly not until Q4 but it will happen!
Bottomline, the EA’s are in a jam, their investment income is taking a hammering both from the volatility equity markets and slow but gradual contraction of commercial property investment income. Their management expenses are rising steady now and this cannot be sustained with assertive actions, i.e. they will start looking inwards to their operations for where to cut costs.
We are only at the very beginning of an expected long duration of a property recession. How severe the recession becomes will largely be influenced by external forces on the global markets, with financials remaining bear all the way as more and more negative data pours out.
Nothing the EA’s or their lobbying of pals in Government will arrest this trajectory. Banks and Insurers are next in line for the big slide down. Interests rates will rise, insurance rates will rise just to cover ground for poorly performing investment income instruments. This is basic stuff people but its not hitting main stream media but its in more industry specific periodicals.
agree with u its out of our hands i know a girl in HOK moved into the rental dept cos nothing happening in sales. They must be hurting bad though i mean Sherryfitz charged me 3850 for a sale in 06, 1% and the rep was doing min 3 sales a week he said….now nothing! and the solicitors must be hurting too as most of their income was conveyencing . banks are next ur right, they are upping the rates slowly 0.15% bastards. Im not gloating about this though got a lot of pals in trouble 2 inparticular have interest only loans! and two other mates are in Ongar!!! This is a mess. And i keep seeing lies in the press from Iavi ,etc oh its gonna change soon, good time to buy! my god…u could lose a lot now buying. I ask a simple quesiton, if i gave u the money free, would u buy now? and none of my mates would cos in a few months it would be cheaper. Now If they wont buy with free money, why would they buy with a mortgage?
Those on interest only mortgages have started to feel the squeeze! They beginning to bail out of the market and switch to rental. The amateur property speculators who have a handful of ill advised properties around the country which are also on interest only are starting to worry now . . . just my penny’s worth . . . I work for a leading mortgage brokerage firm. I can foresee repo’s will be on the up this year!
repo up 100 in Jan so far!!!!!!!!!! It is the little guys gonna hurt , not the fat cats who set up the deals.
Mikey B,
Where are you getting those repo figures from?
rte news report two days ago, 405 in 2007 and 100 in Jan 2008 so far.
Oh smart mortgages responsible for 40% of them
todays indo, can u sense the anxiety in economist comments? of course prices will rise again this year they say, if this or that……blablabla…anyone who plays poker knows tis game they are playing…
Property prices will fall further before recovery
By Charlie Weston Personal Finance Editor
Saturday February 02 2008
HOUSE prices are set to fall further before the end of the summer but the property market should recover by the end of the year, experts said yesterday.
They were reacting to figures from the Economic and Social Research Institute (ESRI) and Permanent TSB that showed house prices dropped in value by 7.3pc last year.
The decline is the biggest since the index was first compiled in 1996.
Permanent TSB’s Niall O’Grady said the bank expects prices to drop another 5pc before they pick up later this year.
And Goodbody economist Deirdre Ryan predicted falls of 7pc in the next few months.
Ms Ryan said the fall in house prices was a positive development as there was too great a supply of housing in the market at the moment.
Alan McQuaid of Bloxham Stockbrokers said the drop in house prices was likely to accelerate in the first half of this year. But lower interest rates from the European Central Bank in the second half of 2008 should lead to a recovery in the property market by year end.
The house price index, compiled by the ESRI and Permanent TSB, shows that the average price paid for a house at the end of 2007 was €287,887, a drop of almost €23,000 from a year earlier.
Prices in Dublin fell more dramatically, with the average house in the capital now almost €30,000 cheaper in December than a year ago.
Dublin prices now average €397,507.
Second-hand houses lost almost €28,000 of their value in December compared with the same month a year earlier. The average second-hand house in the State is €321,498.
Permanent TSB’s Niall O’Grady said the fact that rents were rising at 12.3pc a year meant investors would soon come back into the market.
Potential first-time buyers currently renting would also decide that rising rents mean it makes more sense to buy, Mr O’Grady said.
я думаю: превосходно!!
Yeah there are a lot of drops over here in UK too.
Repo man must be making a killing!
clickenme…
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