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House prices tumble most in Mayo

House price changes in Connacht and Ulster, from Daft.ie’s Q2 2012 report.
House price changes in Connacht and Ulster, from Daft.ie’s Q2 2012 report. Source: Daft.ie

House prices tumble most in Mayo

Ciara Moynihan

House prices fell more in Mayo than anywhere else in Connacht between the first and second quarters of 2012. The county has also experienced the biggest fall in house prices nationally in the last 12 months.
A second-quarter report released yesterday (Monday) by property website Daft.ie revealed that average asking prices in Co Mayo dropped by a dramatic 11.4 percent from the first-quarter (January to March) period.
Galway county experienced the second-largest second-quarter drop after Mayo, the report shows, falling 8.5 per cent. In Galway City, prices fared better, though they did drop by 3.4 per cent. Roscommon and Sligo house prices fell by 5.6 per cent and 3.6 percent, respectively. Leitrim was the only county to buck the trend, achieving a 2 per cent rise in asking prices.
Nationwide, prices in Co Mayo experienced the second-largest second-quarter drop, with only Co Longford seeing a bigger fall (-13 percent). Four areas around the country saw house prices rise: Leitrim (2 per cent), Carlow (9.8 per cent), Waterford City (0.7 per cent), and Kilkenny (2.3 per cent). 

Down 20 percent in one year
Mayo also experienced the biggest fall in house prices nationally in one year, according to the report, with prices falling 20.7 percent from year-earlier figures. The next worst hit were Roscommon at 19.5 per cent, Longford at 19.4 per cent and West Dublin at 19 per cent. Elsewhere in Connacht, house prices in Galway County fell from their year-earlier figures by 14 per cent; Galway City prices fell 14.3 per cent; Sligo fell 12.7 per cent; and Leitrim fell 16.8 per cent.
House prices in Co Mayo now average at €138,308, according to the report. This represents a 48.1 per cent fall from peak prices in the county.
Daft.ie has also developed an interactive map tool, which reveals more specific price data, for areas within counties. According to this data, prices in Westport (traditionally the most expensive area in Mayo) have dropped 49.6 per cent since their peak.
In his introduction to the report, economist Ronan Lyons, said: “Already, Ireland’s property crash is recognised as one of the most severe ever experienced by a modern economy. OECD research suggests that the typical housing market downturn lasts over four and a half year, so the crash is already longer than the usual one.
“Not only is it longer, however, it is also sharper. During the typical OECD housing downturn, the fall in prices is 23 per cent. According to the latest Daft.ie Report, the average fall from the peak nationwide has been 53 per cent.”

email ciaramoynihan@mayonews.ie with your comments