Property prices down 16%

HOUSE prices in Co Louth fell by over 16 per cent last year, according to the lastest Daft.ie property price survey.

HOUSE prices in Co Louth fell by over 16 per cent last year, according to the lastest Daft.ie property price survey.

The drop was slightly higher than the national average which saw a 15 per cent fall in the asking prices for properties.

The average asking price for a property in Co Louth now stands at e194,548, down 16.10 per cent on the previous year.

The greatest decline in property prices in the North East was seen in neighbouring Co Meath, which faced a 19.9 per cent drop.

The average asking price for a property in Meath is now e202,870. Co Monaghan saw a drop of 15 per cent down to e183,764.

Meanwhile, Co Cavan remains the cheapest county in the North East to purchase property. Asking prices in Cavan fell by 15.6 per cent to e167,915.

Nationwide, asking prices fell by as much as 15 per cent last year and are now down almost 40 per cent from their peak.

Dublin city, Meath and Killkenny were the worst hit in the last year. The fall of 40 per cent from their peak has wiped e145,000 off the average price of a home nationwide.

Analysts think prices in urban areas like Dublin and Cork could be near the bottom, prompting some hopes that the worst could be over for these built-up locations.

Daft.ie rival MyHome.ie said it recorded an average fall of almost 35 per cent to e271,000 in asking prices nationally.