\"An

Housing prices have never been so affordable in Ireland

House prices at record low in Ireland

\"An

Housing prices have never been so affordable in Ireland

House prices have never been so affordable in Ireland, according to a new survey. Average house prices have slumped 27 per cent in the past year, and there are over 300,000 empty homes throughout the country.

Prices are expected to fall even further as major cutbacks in pay for government workers and continued high unemployment lead to further reductions in the property market.  

Now, only 13.4 per cent of a couple's combined income is needed to meet a mortgage, down from 26 per cent at the height of the boom, new figures show.

Economist Annette Hughes stated a recovery was not likely.

"Any recovery is some way off in my opinion. Not until there is evidence that house prices have stabilized will we see large numbers going back into the market," she said.

"The labor market remains weak and there is anecdotal evidence that pay levels for some private sector workers have fallen by up to 20 per cent or more, while pay in the public sector will fall by up to 6.4 per cent in 2010 alone for persons earning up to €70,000 ($100,000), according to the December Budget."

 "Prospective buyers are reluctant to enter the market, on the expectation that further declines in house prices are possible."

COMMENTS

Log in with your social accounts:

Or, log in with your IrishCentral account:

Forgot your password ?

Don't have an account yet? Register now !

Join IrishCentral with your social accounts:


Already have an account ?

For Newsletter Subscribers – Draw for 1 Prize on December 31st.

Prize: Your Piece of Ireland – a Square of Land in the heart of the Glens of Antrim, Ireland

More details here (or you can buy a little piece of Ireland directly): http://bit.ly/1zew9ox

Terms & Conditions

Or, sign up for an IrishCentral account below:

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


Make sure we gathered the correct information from you

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


You already have an account on IrishCentral! Please confirm you're the owner.


Our new policy requires our users to save a first and last name. Please update your account: