House Prices Fall
Updated : Jun 25, 2009
House prices here will fall by 13pc this year and a further 10pc in 2010, international credit ratings agency Standard and Poor's has predicted.
VeryHappyPig knows it is not good news for all but here at Ireland’s only good news only website we like to look on the bright side. We believe for young people trying to get on the property ladder this is a positive turn of events.
After suffering the sharpest price fall in Europe in the four years to 2010, Standard & Poor's (S&P) expects Irish prices to stabilise in 2011.
In the meantime, S&P also estimates that Irish houses are currently more affordable than any other homes in the five housing markets surveyed, based on an OECD survey.
One of the pluses from a buyer's perspective is that S&P highlights how affordability of Irish homes is the best of the five countries surveyed. On the negative side, it expects oversupply of Irish houses to continue to dampen the Irish market.
S&P refers to a Royal Institute of Chartered Surveyors survey showing an excess of 250,000 homes before the market downturn and how IBEC forecast that 100,000 migrant workers could leave the country this year "creating a severe slump in the buy-to-let market and in turn further depressing the market as a whole".
S&P expects France will be the only one of the five European countries to show a price increase next year while UK house prices will stabilise. Spanish prices are also expected to fall 10pc next year and 5pc in 2011.
VeryHappyPig got his Pig Stye valued recently and its price has risen?
