The latest figures from the CSO show that property prices are continuing to fall in the Irish economy. Figure 1 shows how they have declined from their peak value in 2007 to their current low in June 2011. The continual fall in house prices will continue to have negative implications for mortgage holders, who will see the value of their property continue to fall while they go further into negative equity. While the price of housing is continuing to fall there has been a slight slow down in the rate of this fall as displayed in Figure 2. We can see that recently the rate of decline has been in the region of -1 to -2 percent. This might have given some hope that the worst of the decrease was over, however, in June the decline broke past the 2% mark to reach a value of -2.1%. Overall the decline from June 2010 to June 2011 in house prices has been -12.9%.
3 Comments
6/5/2012 03:20:27 pm
The early 2012 rebound in the housing market has run out of steam, according to Britain's surveyors, who have reported price declines and falling activity across the country in April in the latest evidence of a broader economic slowdown.
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6/25/2012 09:10:01 pm
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8/23/2024 08:08:08 pm
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AuthorJustin Doran is a Lecturer in Economics, in the Department of Economics, University College Cork, Ireland. Archives
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