Construction BUSINESS

The average asking price for homes in Dublin fell by 1.4 per cent in the third quarter but outside Dublin, prices rose by 3.9 per cent, according to the latest House Price Report just released by Ireland’s largest property website, Daft.ie.

The report shows that Dublin house prices rose by just 2.4 per cent year-on-year in the period to the end of September with price declines recorded in some Dublin suburbs.

Author of the Daft.ie Report, Ronan Lyons, said: “ In year-on-year terms, house prices are now falling in Dublin 6, Dublin 14 and Dublin 18, while in other expensive markets – such as Dublin 4, Dublin 6W and South County Dublin, they are effectively static. This is seen clearly in Dublin’s Commuter Counties, where house prices have risen 14% over the last 12 months as they have stabilised in Dublin. In Ireland’s other cities, where year-on-year inflation is at 18%.”

House prices in Cork rose by 6.8% between June and September, but the largest increase was in Limerick city, which saw a 7.7% increase in prices during this period.

“The latest figures confirm that the Central Bank borrowing rules have had a dramatic impact on house-price inflation in the dearest parts of the country”, the report’s author, economist Ronan Lyons, said.

The national average asking price in the third quarter was €205,000 compared with under €190,000 a year ago and €164,000 at its lowest point in early 2013.