Westmeath house prices continue to plummet

House prices in Westmeath have fallen again according to figures released by two sources in the last week.The property website myhome.ie has recorded a fall of 2.89 per cent in prices in Westmeath in the third quarter of this year, bringing the fall for the year to date to 11 per cent, while daft.ie - which records the prices asked for properties (as opposed to the prices obtained), found that asking prices here have fallen by 2.6 per cent over the past quarter.The new figures mean that owners are now asking an average of €181,148 for a typical three-bedroomed home in Westmeath, although the myhome.ie figures show such houses fetching an average of €184,000.According to myhome.ie, three months ago, the average price of a three-bed semi-d was €190,000.The fall for a four bed semi was much higher at 6.84% with the average price now standing at €201K, while the price of apartments fell at varying rates.The average price of a one bed apartment is down 6.65% to €154K, while the price of a two bed apartment is down by just 0.59% to €191K. Nationally, so far to date, the overall decline in prices is 13 per cent, but myhome.ie believe that Ireland has not yet reached the bottom of the market.Angela Keegan, Managing Director of MyHome.ie said the survey showed prices were continuing to decline, albeit at a lower rate compared to the same period last year. “We know there are buyers out there, a lot of them with mortgage approval, but until consumer sentiment improves they will continue to stay on the sidelines. For now all eyes will be on the budget. The good news for anyone contemplating buying a home is that properties have never been as affordable.”The asking prices in Westmeath have fallen by 39.4 per cent from their peak levels in 2006, according to daft.ie.