HOUSE values have fallen by 9.2 per cent in the second quarter of the year, a survey of Irish Auctioneers Valuers Institute (IAVI) members shows. Since the start of 2009, house prices have dropped nationally by 16.9 per cent according to the survey.

The IAVI represents almost 2,000 estate agents nationwide and the results are based on property transactions which “are more reliable than surveys based on data from some months ago”, according to estate agent Simon Ensor of the IAVI’s residential panel. Second-hand apartment prices are falling faster than house prices, and the value of rural properties is dropping faster than urban homes. Asking prices are still often ahead of selling prices, although the gap is narrowing, says Mr Ensor. The average price paid for a three-bed semi was around €324,000 in Dublin and €245,295 nationally in May.

“There is a view amongst IAVI member firms that, although prices have not hit the bottom yet, they are extremely close to doing so,” said Mr Ensor. He said that IAVI members believe that activity levels have increased but added “most activity is at the more affordable end of the market”.