Residential Property Price Index for February is out today and, surprise, the property price deflation is accelerating.
- All properties headline index now stands at 66.1 down from 67.6 in January 2012 and 80.4 in February 2011. So mom contraction of 2.22% in February 2012 makes this the fastest rate of monthly decline since March 2009 and the third fastest rate of monthly decline in history. Relative to peak, residential property price index is now down 49.35%. 12mo MA of monthly declines is at 1.62% and January-February average is at 2.05%. Year on year index is down 17.79%. Which is what it says on the tin – third month of accelerating declines in prices in a row.
- House prices sub-index is now at 69.0 against January 2012 reading of 70.4 and February 2011 reading of 83.5. Monthly rate of decline in February was 1.99% – steeper than anything recorded since October 2011, marking third consecutive month of accelerating monthly drops. Year on year, the index is down 17.37%. Compared to peak valuations, house prices index is now 47.73% down.
full article at source:http://trueeconomics.blogspot.de/
We are still a long way from the bottom I had a quick look at the Daft website and I am still shocked at the asking prices of what can only be described as shoe boxes in Dublin. In and around Lubeck you can pick up a one bedroom apartment for about 45,000 euro .Yep we have a long way to go yet!
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