9% drop in asking prices

In Kilkenny, prices in late 2012 were 9% lower than a year previously, compared to a fall of 15% seen in the year to late 2011.

In Kilkenny, prices in late 2012 were 9% lower than a year previously, compared to a fall of 15% seen in the year to late 2011.

The average house price is now €142,000, 56% below peak levels.

Commenting on the report, economist with Daft.ie Ronan Lyons said: “The contrast between urban and rural property markets has grown substantially over the last twelve months, led by a recovering Dublin market. In the capital, almost two thirds of properties sell within four months currently. In Munster and Connacht-Ulster, the figure is between one in three and one in four, and there has been very little improvement in conditions over the last year.

“Ultimately, the differences are due to cities having no significant oversupply from the boom years and also enjoying better employment prospects.

Nonetheless, the end of mortgage interest relief may have led to a rush of demand in 2012, so it remains to be seen whether the stabilisation seen in the second half of 2012 continues into the new year,” he added.