New figures show that the average price of a house continued to fall in May, with a particularly sharp drop in prices paid by first-time buyers.
The house price index compiled by Permanent TSB and the ESRI shows a drop of 0.8% in May. The average price paid for a house has now fallen by just over 2% in the first five months of this year to €304,166.
Prices for first-time buyers were down 1.8% in May, the month which coincided with the run-up to the general election and the uncertainty about possible changes in stamp duty.
The annual rate of increase dropped to 2.6% in May, down from 5.1% in April.
A breakdown showed the house prices in Dublin fell by 1.2% in the month, while the drop elsewhere was 0.8%. But prices in the commuter counties around Dublin picked up by 0.3% after a 1.8% fall in April.
Prices for second-time buyers were down 0.5% in the month. Prices for new and existing houses fell by 1% and 0.8% respectively.
