New CSO House Price Index

House prices in Dublin are 51% lower than at their highest level in early 2007 (fell by 3.2% in the month of October)

Apartments in Dublin are now 60% lower than they were in February 2007 (fell by 2.3% in the month of October)

Residential property prices in Dublin are 53% lower than at their highest level in February 2007 (fell by 3.1% in October)

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 42% (a fall of 2.2% in October and 15.1% in the year to October)

Overall, the national index is 45% lower than its highest level in 2007 (fell by 1% in October)

NorfBank said:

Cash buyers are not included (50% of the market)

Click to expand...

Thanks Jackal,

from the CSO report:
Background Notes
Definition The Residential Property Price Index (RPPI) is designed to measure the change in the average level of prices paid for residential properties sold in Ireland. The index is mix-adjusted to allow for the fact that different types of property are sold in different periods. Data Source The RPPI is compiled using data on mortgage drawdowns provided on a monthly basis by 8 of the main Mortgage Lending Institutions under Section 13 of the Housing Act (2002). This data provides details on the characteristics of properties bought (such as building type and size) as well as the price paid. It is transactions based; meaning that prices are recorded only where a sale occurs.

Not all residential property transactions are funded by a mortgage (i.e. they are cash based) and these transactions are excluded from the scope of the index. The CSO has conducted an initial preliminary analysis of Stamp Duty returns (ST21 returns) to the Revenue Commissioners. As all transfers of residential property require that a Stamp Duty return is made, this analysis allows us to estimate the total size of the residential property market (excluding the construction of self-build houses). From this we can estimate the coverage provided by the mortgage transactions reported to the CSO. The latest available data is in respect of 2009.

The table below shows that, in volume terms, the mortgage drawdown data covers in excess of 75% of the market, as measured by Stamp Duty returns, in 4 of the 5 years between 2005 and 2009.

Nov 2011 & Overall figures are:

http://www.cso.ie/en/media/csoie/releas ... ov2011.pdf

House prices in Dublin are 52% lower than at their highest level in early 2007 (fell by 2.4% in the month of November)

Apartments in Dublin are now 58% lower than they were in February 2007 (rose by 4.7% in the month of November)

Residential property prices in Dublin are 54% lower than at their highest level in February 2007 (fell by 1.5% in November)

The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 42% (a fall of 1.6% in October and 15.6% in the year to November)

Overall, the national index is 46% lower than its highest level in 2007 (fell by 1.5% in November)

It is worth noting that there is very little activity presently, so small sales can skew the figures.

Per IBF, there were only 3,600 mortgage drawdowns in Q3 2011, with an average mortgage size of 156K

http://www.ibf.ie/Libraries/Research_St ... .sflb.ashx