Swords, Balbriggan, Lusk, Rush, Donabate, Howth, Skerries, Portrane, Malahide

Down 25%

House prices have fallen by up to a third. In extreme cases large detached homes in more affluent areas, such as Malahide and Howth, lost 33% of their value. Reports suggest that houses that were priced at between €1.3m are now lucky to sell for €875,000. The prices of new homes have plummeted, particularly one-beds, which have fallen from €295,000 to €225,000.

Agents blame the lack of finance available, as well as financial institutions continually changing lending criteria.

Investors are wary of these areas. They barely made any purchases in them last year, as banks increasingly turned them away. It is likely that 2009 will again be the year of owner- occupiers because rents are down 10% and a return to the high levels of 2007 is unlikely. This year we will see further price cuts, albeit at a more moderate level, say the agents.

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