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House prices fell by 0.9% in August, down 10% over year |
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Wednesday, 24 September 2008 |
House prices fell by 0.9% in August from July, a drop of 6% in the first eight months of the year, according to the latest figures compiled by Permanent TSB and the ESRI. In the 12 months to August, prices fell by 9.9%, knocking nearly €30k off the price paid for the average home during that time. The fall in August was more dramatic than the 0.2% recorded in July, indicating a return to the earlier steady fall in value. A breakdown showed that house prices in Dublin fell by 0.8% in August, while the fall elsewhere was 1.3%.
Meanwhile, figures from the Department of the Environment show that the number of houses built in the year-to-date continues to fall compared to previous years. The figures show that total completions in the first six months of 2008 stood at 27,736 units, almost 29% below the same time last year. The number of house completions in August dropped to 3,605 - bringing the total for the first eight months of 2008 to 35,714.
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