HOUSE PRICES IN COUNTY DROP BY 20 PERCENT

Date Published: 31-Jan-2011

The price of newly built homes in rural parts of the county dropped by almost 20 percent last year compared to 2009.

According to a new property survey, the price of a new four bed detached home in Connaught fell by 19 point 3 percent.

The IAVI annual property survey reveals that the value of some new homes in rural parts of Galway, Mayo, Roscommon, Sligo and Leitrim dropped dramatically last year.

The price of a four bed detached bungalow fell by 19 point 3 pecent, while a four bed detached house dropped in value by 17 point 9 percent.

New urban homes in Connaught also decreased in value.

A 2 bed apartment dropped in price by over 19 percent, while a two bed town house dropped in value by around 14 percent.

The IAVI reports says a lack of consumer confidence and the unavailability of finance are just some of the reasons why the market is so slow.