New figures show that house prices have fallen by 6% since the start of this year, following another sharp drop in November.
The latest house price index, compiled by Permanent TSB and the ESRI, showed that prices fell by 1.1% in November after a 1.3% decline in October.
In the last 12 months, prices have fallen by 5.9%, with the average price of a house in November standing at €292,124, compared with €310,409 a year earlier. This means prices have been declining by an average of €1,500 a month throughout the past year.
Permanent TSB's Niall O'Grady said that while there were differences between sectors, demand was 'sluggish'.
A breakdown showed that prices in Dublin and elsewhere fell by 0.1% and 0.8% respectively. House prices in the commuter counties around Dublin dropped by 0.5%.
Prices for first-time buyers and second-time buyers were 0.1% and 1.4% lower respectively compared with the previous month. The average price of a new house fell by 0.7%, while the price of an existing house dropped 1.2%.
