• Figures show national house price reduction of 0.6% in June
• First half of 2008 reduction stands at 5.0%, while year on year the rate is 9.7%.

Average national house prices fell by 0.6% in June according to the latest edition of the permanent tsb / ESRI House Price Index. This follows reductions 1.2% in May, 1.1% in April, 0.7% in March, 0.8% in February and 0.7% in January.

In the first half of 2008 average national prices fell by 5.0%, compared with -4.4% to May 2008 and a drop of 2.6% to June 2007.

Measuring the rate of growth in the 12 months (year on year) to June, average national prices were down by 9.7%.  This compares to a decline of 9.5% recorded in the 12 months to May.

The average price paid for a house nationally in June 2008 was €273,392.  This compares to €287,887 in December 2007 and €302,605 in June last year.

Dublin V Rest of Country

Dublin house prices fell by 0.2% in June while houses outside Dublin reduced by 0.8%.  In May the relative price changes were -1.6% and -0.8%.

In the first half of 2008 prices for Dublin and outside Dublin were down 4.5% and 5.1% respectively. The equivalent changes last year were -2.0% and  -3.2%.

House prices were reduced by 9.4% and 8.3% in the twelve months to June 2008 in Dublin and outside Dublin respectively. The equivalent changes in the twelve months to May were -10.4% and -8.4% respectively.

The average price paid for a house in Dublin and outside Dublin in June 2008 was €379,727 and €236,576 respectively. The equivalent prices in December 2007 were    €397,507 and €249,359.

First time buyers V. Second time buyers:

House prices for first-time and second-time buyers were reduced by 0.2% and 0.6% respectively in June 2008. In May the equivalent rates showed reductions of 1.2% and 1.5%. Year to date prices for first-time and second-time buyers were down 5.5% and 4.7% respectively, while growth rates for the same period last year were -3.2% and -2.6%.

House prices were reduced by 8.7% and 9.9% year on year to June 2008 for first-time and second-time buyers respectively. The equivalent rates to May were reductions of 9.4% and 9.9% respectively. 

The average price paid by a first-time buyer and a second-time buyer in June 2008 was €246,529 and €306,380 respectively. The equivalent prices in December 2007 were €260,786 and €321,498.

New V. Existing Houses

House prices for new and second-hand houses reduced by 1.3% and 0.4% respectively in June 2008. In May the relative price reductions were 1.7% and 1.5%. Year to date prices for new and existing houses were down 6.1% and 3.9% respectively. The equivalent changes last year were -1.2% and -2.7%.

New and second hand house prices fell by 8.8% and 10.1% respectively year on year to June 2008. The equivalent changes to May were -8.3% and -10.0% respectively.

The average price paid for a new house in June 2008 was €272,532, while that paid for a second hand house was €273,592. The equivalent levels in December 2007 were €290,296 and €284,608.