New figures show that the average price of a house has fallen by more than €5,000 in the first two months of the year.
The house price index, compiled by Permanent TSB and the ESRI, showed a 0.8% drop in February compared with January, when prices fell 1.4%. Prices have fallen by just over 2% in the first two months of this year, bringing the average price down to €256,573.
The annual rate of decline in house prices was 9.7% in February. Permanent TSB's Niall O'Grady said that, despite falling prices and interest rates, people did not seem to be convinced that the market had bottomed out yet.
House prices in Dublin fell by 2.1% in February, while the fall was 0.9% for houses outside Dublin. House prices in the commuter countries around the capital fell by 2.3% in the month and have fallen by almost 18% in the past 12 months.
Prices for first-time and second-time buyers dropped by 2.8% and 0.7% respectively. New house prices were down 0.6%, while prices of existing houses fell by 1%.
The survey is based on the agreed sale price and is calculated using figures from mortgage drawdowns.
