|Property prices back to 2006 level||| Print ||
|Wednesday, 06 February 2008|
A report published by the Economic and Social Research Institute and Permanent TSB stated that property prices have returned to levels similar to those of early 2006. This equates to a 7.3% drop for the year just ended and a further drop of around 5% is expected nationally this year. Permanent TSB's head of marketing Niall O'Grady said that with rents increasing people will be enticed back into the market in mid-2008 as the price of repaying a mortgage will be little more that 'dead' rental money. Figures released from the Central Statistics Office has shown that rents are growing at a rate of 12.3% per annum at present. The report also highlighted that houses in the midlands dropped most and are 8.2% down on 2006 values. It also found that second-hand homes fell in value by 9% but new homes fell by only 4% as developers included different types of sales incentives.
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