House prices in Westmeath have fallen by over one fifth in the past year, according to the latest figures from property website Daft.ie
According to the Daft.ie House Price Report for the first quarter of 2009, in Westmeath, where asking prices peaked relatively late in early 2008, prices are now 22 per cent lower than they were a year ago.
Only in Dublin City Centre did house prices drop more steeply than in Westmeath, with a decrease of 23.5 per cent over the last year.
In the past three months alone, house prices in Westmeath have fallen by 3.2 per cent, bringing the average house price in Westmeath to €224,714.
The average asking price for a two-bed home in the county is €187,000, three bedroom €213,000, and four bedroom €269,000, while a five bedroom home comes with a price tag of €333,000.
At a national level, asking prices for houses in March 2009 were over 16 per cent lower than they were in the same month in 2008. The average asking price nationally in March this year was €281,000, just below September 2005 levels.
Asking prices fell 4 per cent in the first three months of 2009, compared to 6 per cent in last quarter of 2008. It is the eighth quarter in a row during which house prices have fallen.
Commenting on the latest figures, economist with Daft, Ronan Lyons, highlighted the fact that sellers discounted their prices by €12,500 on average in the first three months of 2009.
“People selling properties in Dublin cut their prices by over €20,000, indicating that a larger adjustment in property prices is underway in the capital than elsewhere."
He added that oversupply remains significant with over 60,000 homes for sale around the country; however one encouraging sign is that the stock of property available for sale has fallen about 5 per cent since its peak in October 2008.
