Asking prices continue to fall

Asking prices in Kilkenny Carlow and Wexford fell by 5.5% between December and March according to the latest report from property website, Daft.

Asking prices in Kilkenny Carlow and Wexford fell by 5.5% between December and March according to the latest report from property website, Daft.

The fall is still below the 8.1% seen in the final three months of 2011. The average asking price in Kilkenny for the first quarter of 2012 was €157,716. This represents a 5% decline from the previous quarter.

However a survey published by website myhome.ie revealed that property prices in Kilkenny dropped by 10% in the first quarter of 2012. According to myhome.ie the median price of three bed semis in Kilkenny fell by 10.17% to €159,000 – down €18,000 on the last quarter of 2011. The median price of four bed semis also dropped by 9.55%, dropping €21,000 to €199,000. The drop in prices in the quarter for four bed semis was greater than the annual decline of 7.44%.

The author, Annette Hughes, Director DKM Economic Consultants said that recent reports suggest house prices look set to fall by a further 10 to 15%. “With prices falling by around 2% per month, this implies another six to seven months of falling prices, before possibly stabilising in the second half of the year. However any move towards price stability in the latter half of 2012 will need to be accompanied by a recovery in the jobs market, the prospects for which are very weak over the coming months,” she said.