House prices rise 10%

UNLIKE the rest of the country, house prices in Monaghan are starting to make a significant recovery.

UNLIKE the rest of the country, house prices in Monaghan are starting to make a significant recovery.

New figures released by a property website reveal that house prices in Monaghan have increased by a staggering 10 per cent in the third quarterr (July to September), which defies the national trend which continues to go in the opposite direction.

Daft.ie economist Ronan Lyons said the figures for Monaghan may be more to do with seller strategy than any real recovery in the market. “It may be a case that sellers have begun to realise that buyers are bidding well below the asking price and so they’ve raised the asking price on the assumption the agreed price will come in below that. “It could also be that there is a main player in the estate agent market who’s influencing that decision but if so, it’s probably not sustainable because other estate agents will probably act differently and buyers will begin to see what’s happening.” The overall picture remains one of declining property values with the latest drop pushing more areas over the half-way mark where prices are now less than half what they were at the peak in 2007.

The most dramatic slump since the peak in 2007 has been in Dublin city centre where prices have fallen by 55 per cent. Dublin’s south city region, south county Dublin, Waterford county, Wexford, Laois, Louth and Offaly have also seen prices fall by 50 per cent or more. The report found that the annual rate of decline nationally is 13.8 per cent.