The decline in asking prices for residential properties in Ireland has slowed in Q1 2010 as they dropped just -3.3%, the second successive quarter they have fallen having gone down by -3.5% previously, according to MyHome.

The average asking price nationally is €301,449, whereas 12 months ago it was €342,666, a fall of -27.3% since their peak in Q4 2006. However, prices in Dublin are €355,657 after a fall of -3.9%, making them -15.2% below where they were 12 months ago, meaning they have now fallen by -33.4% since their peak in 2006. However, prices did increase in Dublin City South by +1.1% in Q1 2010.

Angela Keegan, managing director of MyHome, said: “It is also interesting to note that three quarters of first-time buyers are looking to purchase a second hand property while one in five is seeking a newly built home. Nearly half of first time buyers have a preference for a semi-detached home while a further 10% prefer an apartment.”

New homes recorded the largest drop in asking prices in Q1 2010, declining by -4.4% whilst previously owned properties fell -3.2%

Limerick city has the lowest asking prices of any urban area with the average house price in the city at €240,000 whereas in Cork the corresponding price is €289,500 while in Galway it is €275,000.