The latest national house price index from Irish Permanent TSB and the ESRI indicates that average house prices have fallen by almost €4,500 over the past two months.
The index shows that prices in the commuter belt counties around Dublin have fallen the most, in some counties by an average of over €12,000 since the start of the year.
House prices have now fallen for the second consecutive month, confirming the first set back in more than five years.
This latest index showed prices down by an average of 0.8% in April after falling by 0.6% in March.
In money terms, it means average house prices have fallen by €4,460 in two months.
The biggest falls have been recorded in the suburban housing estates, particularly those in Louth, Meath, Kildare, and Wicklow where buyers are now paying an average of €12,250 less than they were at the start of the year.
It has all had little effect so far on the affordability for first-time buyers however.
EBS and DKM Economic Consultants said today that lower prices have been offset by higher mortgage rates, so that, overall, first-time buyers are still forking out the same proportion of their income in monthly repayments as they were at the start of the year.
EBS also warned that interest rates could rise well into next year.
