Phibsborough, North Circular, Cabra, Stoneybatter, North Quays, Smithfield, Arbour Hill

Down 30%

Although prices have fallen by almost a third in 2008, estate agents report that asking prices in Dublin 7 still have a way to fall. Buyers are cautious and results indicate that offers far below the guide price are being accepted. From late last year, many sellers began lowering the guide price in an attempt to off-load properties.

On a smaller number of homes, numerous bids have been made, but the counter-bidding between parties has stopped.

Estate agents say one of the primary factors affecting buyers last year was the constantly moving goal posts of loan to value amounts. This put further pressure on the housing market with the result that property prices continued to fall in order to achieve a sale. Lower mortgage rates are helping but the loan to value amounts remain a problem for first-time buyers.

Another factor was the removal of public sales results as many sellers turned to private treaty deals. The lack of clear information meant that the public were in the dark and had to turn to media reports to ascertain the value of properties.

Agents remain pessimistic. They say that banks have yet to regain the public confidence and reports from economists quoting a further 20% fall will deter buyers.

In early 2008 a handful of investors were making low offers but by the end of the year they had left the market. Rents remain strong in Dublin 7 as first- time buyers continue to rent in the hope of bagging a bargain in late 2009. However, an over-supply of property in certain areas has caused rental values to fall by about 10%.

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