House prices in Westmeath took a 10 per cent dive during 2010, according to the latest figures from property website Daft.ie
The Daft House Price Report for the final quarter of 2010 revealed that the average asking price for a house in Westmeath currently stands at €173,569, some 10.7 per cent lower than the previous year and a whopping 42 per cent less than peak house prices in 2006.
And it seems the downward slide in house prices is not over yet, with a 4.6 per cent drop in the past three months alone.
In Westmeath, the average price for a two-bedroom house now stands at €112,000, a three-bed at €155,000, four-bed at €200,000, and five-bedroom €242,000.
However, the fall in Westmeath prices was not as significant as elsewhere in the region, with house prices in Roscommon falling by 17.2 per cent in 2010, and in Offaly by 16.5 per cent. In Meath the fall was 19.9 per cent.
Nationally, the most dramatic falls were in Kilkenny at 22 per cent, and Dublin City Centre and Wexford at 20 per cent. 2010 marks the fourth year in a row where asking prices fell. Asking prices are now 40 per cent below peak levels, and were 15 per cent lower on average in 2010 than in 2009.
According to Daft’s chief economist, Ronan Lyons, this latest report makes unsurprising reading.
“Despite another year of price falls, the market does not yet look in balance. On the supply side, the number of properties for sale remains very high, at close to 60,000, while on the demand side, a range of factors continue to weigh on prospective buyers, including tight credit and expectations of higher taxes and interest rates in coming years.
“Nonetheless, not all parts of the country are adjusting at the same pace. Parts of Dublin have seen price falls of up to 50 per cent from the peak, and we are seeing a steady fall in the total number of properties for sale in the capital. Some counties however, have seen price falls of just 30 per cent and the number of properties for sale remains very high. It is the cities and in particular Dublin that are most likely to stabilise first, and it remains to be see if this happens in 2011.”
