House prices have declined by 4.7% in the last 12 months, according to the latest Permanent TSB/ESRI house price index.
The index, published today, says that house prices nationally fell by 1.3% in October. This compares to a fall of 0.3% in September.
The average price paid for a house in October was €295,469 compared to €309,963 the same time last year.
The index also reveals that Dublin house prices declined by 0.4% last month, with prices outside of Dublin falling by 1.3%.
In the 12 months to the end of October, house prices declined by 4.8% in Dublin and by 4.9% outside Dublin.
House prices in the commuter counties of Dublin - Louth, Meath, Kildare and Wicklow, decreased by 0.1% in October and are down 5.5% for the year.
Niall O'Grady, Head of Marketing at Permanent TSB, said there was little surprise in the figures for October.
He said the figures confirm that there was little spark in the market during the traditionally strong autumn selling season.
'Clearly potential purchasers remain cautious and demand is sluggish,' he adds.
