House prices in Dublin have fallen for the first time in three years while properties located in commuter towns are also decreasing, a report has revealed.
The REA Average House Price Index said this was down to rising interest rates and energy costs which are halting potential homeowners from entering the market. They also said that the time taken to reach a sale has risen steadily and found there was a “less frenzied approach to viewing and buying and a slowdown in bank funding turnaround times”.
The report found prices across Ireland for a three-bedroom semi-detached house had risen by 0.36 % over the past three months to €291,667 but fell by 0.34% in the capital for the first time since September 2019. REA spokesman Barry McDonald said: “Following a frenetic start to the year, the market has slowed somewhat, with affordability having a definite effect on demand.
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