![fitch-300x225](https://img.resized.co/myhome-ie/eyJkYXRhIjoie1widXJsXCI6XCJodHRwczpcXFwvXFxcL2Ntcy5teWhvbWUuaWUudGVzdFxcXC93cC1jb250ZW50XFxcL3VwbG9hZHNcXFwvMjAxM1xcXC8wMVxcXC9maXRjaC0zMDB4MjI1LTEuZ2lmXCIsXCJ3aWR0aFwiOlwiMzAwXCIsXCJoZWlnaHRcIjpcIjIyNVwiLFwiZGVmYXVsdFwiOlwiaHR0cHM6XFxcL1xcXC9uZXdzLm15aG9tZS5pZVxcXC9pbWFnZXNcXFwvbm8taW1hZ2UtMi5wbmdcIixcIm9wdGlvbnNcIjp7XCJvdXRwdXRcIjpcIndlYnBcIn19IiwiaGFzaCI6IjFjMTNiOGExZDY5MjQwNmU2MTQ2NzZjMGUyYWViNWVlMWZkMDRmYTkifQ==/property-prices-may-fall-further-insist-fitch.gif)
Fitch Ratings insist that property prices here may fall by an additional 20%.
Since 2007, the average house price in Ireland has fallen by around 50% but according to Fitch there could be some way yet to go before the property market begins to fully stabilise.
In a statement today, the ratings agency said: “Fitch expects the largest further house price declines for peripheral countries.
“Different from Fitch house price forecast for most countries, the house price assumption for Ireland is a conservative estimate reflecting various downside risks in the market.”
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Fitch acknowledged though that it is “also conceivable” that Irish prices will stabilise sooner and at a higher level than its base case assumption suggests.