House prices have suffered their biggest monthly fall in over two years.

Figures from the Central Statistics Office said residential property prices fell by 2.2% during October, 15.1% lower than in same period last year.

Overall, house prices are 45% lower than their peak level in 2007 with prices in Dublin recording the biggest drop at 51% below peak levels and apartments down 60%.

House prices in Dublin fell 3.2% last month, giving an annual drop of 17.5%. Apartment prices in Dublin dropped 21.2% over 12 months, following a 2.3% during October.

Prices in the rest of the country fell by 2.1% in October, giving an annual drop of 13.8%.