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Donegal bucks trend with drop in house prices 07.10.14

DONEGAL is bucking the national trend of rising house values with prices in the county down 2 per cent in the third quarter of this year.
The fall is in contrast with an average 8 per cent rise in property prices outside of Dublin.
The average Donegal house price now stands at €116,000, 57 per cent below peak levels and €79,000 lower than the national average of €195,000.
Latest figures from show that the average asking price for a house in Ireland has risen by 14 per cent over the past year.
The figure was boosted by a rise of about 25 per cent in Dublin.
There were also significant double-digit increases recorded in all of Dublin’s surrounding counties; Louth 14 per cent; Meath 15 per cent; Kildare 19 per cent and Wicklow 20 per cent. Cork and Galway cities also saw price rises. economist Ronan Lyons said: “The total number of properties on the market on October 1, was just over 30,000, the lowest figure since March 2007.
"Across Leinster and in Dublin in particular, supply shortages remain and this has helped push up values by a third in Dublin in just two years.
"The concern is that this supply shortage is now feeding into expectations. While price rises driven by shortages can be stopped by increasing supply, tackling price rises driven by expectations is significantly trickier," he added.
Ronan Lyons.
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