Average price of new home: €190,000

Average price of second-hand home: €220,000

Down 30%

Projected change to Jan 2010: none

Property prices in Co Laois have fallen by 30% making it one of the hardest-hit counties in the country. In worst case examples, the value of some properties collapsed by half.

The belief that the market has yet to hit the bottom combined with tightened finance has caused the market to virtually collapse. Investors stayed away and falling rents are likely to keep them out. A three-bedroom semi which rented for €800 had fallen to €650 by the year’s end.

Apartments and exclusive homes have been the hardest hit with new one-bedroom apartments seeing €40,000 wiped off their value from €160,000 to €120,000.

However, due to the extent of the crash here, there are reports that some purchasers are seeking property in the €400,000 to €500,000 range in particular. Agents believe the extent of the fall in 2008 should see the bottom reached this year. The good news is that family bungalows near town held up somewhat.

Buyers remain cautious, fully aware that that prices are still being being readjusted and they are factoring this into their offers.

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