Asking prices for residential property in Kilkenny fell by an average of 3.4 per cent during the first three months of 2011, according to the latest report published by property website Daft.ie
The national average asking price for property has fallen 43 per cent since the peak and now stands at €210,000, while the average time to sell a property is now nine months, the same as a year ago.
Asking prices in the south-east Leinster counties of Kilkenny, Carlow and Wexford fell by 3.4 per cent in the first three months of 2011, a significantly smaller fall than the 6.7 per cent between September and December last year. The average asking price in Kilkenny in the final quarter of 2010 was €185,000, a fall of €150,000 from the peak in 2007.
Ronan Lyons, economist with Daft.ie said: “An ongoing mismatch between supply and demand is pushing prices further down. Prospective buyers find it difficult to get the finance, while owner-occupiers are often restricted by negative equity. As a result, the market is moving very slowly. Of the 3,000 properties posted for sale 15 months ago at the start of 2010, one in three is still for sale, although in Dublin the figure is closer to just one in six.”
In Dublin, asking prices fell by 4.1 per cent during the past three months, while in Galway, prices fell by almost 5 per cent. In Cork and Waterford, prices dropped by about 3 per cent, while Limerick city saw falls of just 2 per cent between January and April. Outside the main cities, asking prices fell by an average of 2.7 per cent, the smallest fall in three years.
The full report is available from www.daft.ie/report and includes a commentary by Eoin Fahy, Chief Economist with Kleinwort Benson Investments.
