House prices only increased by 1.1 per cent in the September quarter when compared with a year earlier, according to the Central Bank's Quarterly Review.
The bank said that the increase in prices of advertised property was higher than that registered in the June quarter but was still below the 1.8 per cent rise recorded in the same quarter of 2006.
"This modest rate of expansion reflected unchanged asking prices for finished flats, which account for almost half of sampled properties. In addition, prices of town houses and flats in shell form fell by 9.4 per cent and 4.5 per cent respectively from a year before, while those for maisonettes in finished form contracted by 3.5 per cent, the fourth consecutive quarterly decline," it said.
Meanwhile, prices of maisonettes in shell form went up by 1 per cent, a slower annual rate than in the same period of 2006. At the same time, asking prices for terraced houses increased by 8.3 per cent while those for houses of character and villas accelerated by 16.4 per cent and 6.4 per cent respectively.
"Data for the last quarter of 2007 indicate that advertised residential property prices were almost unchanged on a year earlier," it concluded.
The bank said that the increase in prices of advertised property was higher than that registered in the June quarter but was still below the 1.8 per cent rise recorded in the same quarter of 2006.
"This modest rate of expansion reflected unchanged asking prices for finished flats, which account for almost half of sampled properties. In addition, prices of town houses and flats in shell form fell by 9.4 per cent and 4.5 per cent respectively from a year before, while those for maisonettes in finished form contracted by 3.5 per cent, the fourth consecutive quarterly decline," it said.
Meanwhile, prices of maisonettes in shell form went up by 1 per cent, a slower annual rate than in the same period of 2006. At the same time, asking prices for terraced houses increased by 8.3 per cent while those for houses of character and villas accelerated by 16.4 per cent and 6.4 per cent respectively.
"Data for the last quarter of 2007 indicate that advertised residential property prices were almost unchanged on a year earlier," it concluded.