House prices in Northern Ireland have dropped by nearly 30% over the last year, according to a new quarterly survey.
It confirmed 2008 was the worst year for the housing market since the start of the 1980s.
The figures were contained in the latest University of Ulster quarterly house price index, produced in partnership with the Bank of Ireland and the Housing Executive.
The survey showed prices had fallen by just over 28% in 2008.
It also confirmed the continuing low volume of house sales, with 704 transactions recorded in October, November and December, a figure just slightly up on the previous quarter's report of 670.
The authors said the drop was no surprise and argued that it came with the silver lining that homes were becoming more affordable for first-time buyers.
The sharp decline confirms the downward trend of recent years.
But the drop followed a period when Northern Ireland house prices rocketed over a very short period of time.
The survey, billed as the most broadly-based of those undertaken in Northern Ireland, covers approximately 120 estate agents and records all open-market transactions.
It showed the overall average price of a house in the final quarter of 2008 was £168,185 - a drop of 16.6% on the third quarter.
Some property types saw greater falls than others.
The sharpest drop was in detached bungalows, down almost 35% over the year to an average of £218,216.
Terraced or town houses fell by 28% to an average of £134,905.
In Belfast, the average price of housing at £178,399 showed a 20.9% annual decline, indicating that it did better than the overall Northern Ireland market.
