Rents across the country have fallen by 0.6% on last year, according to a report from the property website, Daft.ie.
The fall shows a steadying of the market when compared to the shocking drop of 15% in 2009's rent prices. Daft.ie said the figures will come as no small relief to landlords and that house prices were also continuing to fall, albeit at a slower levels than in previous years.
The average rent nationwide now stands at €830 - 27% below the peak in 2007, while the total number of properties available to rent has also fallen from a high of over 23,000 in
the middle of 2009 to less than 16,000 at the start of February.
Lorcan Roche Kelly, an independent economic researcher, commenting on the latest Daft research on the Irish property market, said that the economies property market could be entering a new more European situation, where home ownership is less common.
"There is a chance - and this would need decades rather than years worth of data to prove - that the average Irish person may have fallen out of love with home ownership," Mr Kelly said.
Meanwhile, in other property news today, a leading housing charity has warned repossessions will soar this year without urgent Government action.
Respond! Housing Association demanded urgent changes to a mortgage welfare scheme as almost 100,000 homeowners struggle to meet repayments.
Spokeswoman Aoife Walsh said it was critical amendments be made to the Mortgage Interest Supplement (MIS) scheme, which gives short term support with interest repayments.
“The number of families struggling on a monthly basis is only set to increase during 2011 as incomes continue to fall and interest rates increase,” she said.
(DW/GK)
Construction News
07/02/2011
Rental Values Falling Across Ireland
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19/02/2025
Work is set to commence on a new £671m Northern Ireland children's hospital 'in a matter of days', the NI Executive has announced.
With a five-year construction timetable, the 10-floor state-of-the-art facility located within Belfast's Royal Victoria Hospital site is projected to be opened by Belf
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19/02/2025
County Tipperary-based Glas Civil Engineering has commenced works on a major active travel project in County Kildare.
The project includes a comprehensive upgrade of Mill Street, Maynooth, spanning from the Leinster Street /Main Street junction to the Kilcock Road / Moyglare Road junction.
The en
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19/02/2025
Northern Ireland construction firm GRAHAM has been awarded a significant contract by Surrey County Council to deliver essential improvements to the A320 north of Woking highway.
This is a key infrastructure project funded through Homes England's Housing Infrastructure Fund.
The scheme, designed t
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19/02/2025
A £1.1m project to provide new and improved facilities at a County Armagh primary school has been completed.
Education Minister Paul Givan officially opened the upgraded Foley Primary School, which saw additions of a multi-purpose sports hall, two mobile classrooms, new school central heating syste
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19/02/2025
Ward and Burke Construction Ltd has commenced works on behalf of Uisce Éireann to replace ageing and damaged watermains in Snave, County Cork.
Over 800 metres of old watermains, which are prone to frequent bursts and leakage, will be replaced and upgraded with new modern pipes. Once completed, whic
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19/02/2025
Works to repair a historic clock in County Down have successfully been completed.
The refurbishment of Dan Rice Hall's clock tower in Drumaness was made viable following an investment of £15,000 by Newry, Mourne and Down District Council, with funds going towards new clock faces, back light feature
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19/02/2025
Representatives from Galway City Council and Galway's Westend business association met this week to explore current and future projects for their area.
Topics covered during these discussions included potential improvements at Father Burke Park, the current summer pedestrianisation, public realm im
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19/02/2025
The deadline for applications to NI Water's award-winning Entry Level Academy has been extended.
Submissions for the 23 highly sought after apprenticeship, higher level apprenticeship and graduate jobs will now close on Monday, February 24, at 10am.
NI Water's Entry Level Co-ordinator, Stacey Wats
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19/02/2025
Public opinion is being sought for the development of an exciting project in County Waterford.
The Thomas Street Creative Project is an initiative to inform and shape the local community and the cultural direction of Thomas Street in the heart of Waterford’s Cultural Quarter (WCQ).
With the public
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19/02/2025
A road closure is set to commence next week to facilitate essential drainage works in advance of a road reconstruction project at the L5036 in County Wicklow.
Beginning Monday, February 24, the L5036-Ballinastoe Road will close for approximately 2 weeks. A diversion route will be in place through t