Home prices fall as State and cuckoos swoop on market – Independent.ie

Property prices have fallen for the first time in seven years.

Prices nationally were down 0.5pc annually in July, according to the Central Statistics Office. It was the first annualised fall since May 2013, economists said.

And it has emerged that a record four out 10 homes bought in July were accounted for by a combination of the State and cuckoo funds, institutional investors that buy to rent out the properties.

In July prices were up slightly, by 0.3pc, the statisticians revealed.

However, there was a sharp fall in the number of transactions in the month.

Prices had been holding steady until now despite the chaos caused to the economy by the pandemic.

Prices had risen in April and May but had been flat in June.

Experts said the impact of the coronavirus on the market had taken a while to kick in as the price index is based on

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