Asking prices in Limerick city continues to fall

House prices are continuing to fall in Limerick city
THE average asking prices of houses in Limerick continues to fall, with prices in the city now 9% down from last year.

THE average asking prices of houses in Limerick continues to fall, with prices in the city now 9% down from last year.

The rest of the county has experienced a 5% decrease in the same period, but the fall in the city continues to be greater, according to the latest house price report released from the property website

In the previous year, the fall in house prices in the city was 11%.

The average asking price in Limerick city is now €124,000, 53% below the peak in 2007. In the rest of Limerick, prices in early 2014 were 5% lower than a year previously, compared to a fall of 11% seen a year ago. The average house price is now €140,000, 51% below peak levels.

In stark contrast, Dublin, Cork and Galway have experienced two consecutive quarters of price rises after falling 57% or more from their peaks.

Nationally, almost 15,000 properties came to market between April and June as the national average asking price rose 9% from the same period last year. The average asking price nationwide is now €187,000, compared to €171,000 a year ago and €380,000 at the peak.

House prices in Dublin have risen 21% in the past year, with the surrounding counties of Meath, Kildare, Wicklow and Louth also experiencing annual price increases of between 6% and 13%.

In the other major cities, increases occurred in Galway and Cork of 5% and 2% respectively. Meanwhile, Waterford city experienced a decrease of 4%.

The Daft House Price Report, which also analyses the Property Price Register, highlights that there were 28% more transactions at the start of 2014 than a year previously.

This also represents the 10th consecutive quarter of growth in the number of property sales.

Economist with, Ronan Lyons said: “There has been much talk of the housing market being illiquid, with a lack of homes available to buy. The evidence from the period between April and June is that the tide may be turning.”

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