House prices have fallen in the first quarter of the year for the first time in a decade due to a "completely altered" housing market.
There was a 0.3% drop in listed house prices between December of last year and March this year, according to the latest Daft.ie report. The last time this happened was in 2013 when the country was still reeling from global economic crash.
Author of the report and Associate Professor in Trinity College, Ronan Lyons, said the drop shows how much the housing market has changed in the last 12 months due to global macroeconomic changes such as the Ukraine war, inflation and rising interest rates. He said: "A year ago, listed prices nationally rose by 2.9% in the first three months of 2022 - the seventh consecutive quarter that prices had risen.
