The latest figures show that house prices fell by another 1% in March, bringing the annual rate of decline to 10%.
The house price index, compiled by Permanent TSB and the ESRI, showed that the average house price has fallen by €8,000 - just over 3% - since the start of this year to €253,546. This compares with a peak of €311,078 in March 2007.
Permanent TSB's Niall O'Grady said a lack of confidence in the economy was still keeping people out of the property market, despite falling prices and lower interest rates.
House prices in Dublin fell by 1.2% in March, while the fall was 1.1% for houses outside Dublin. House prices in the commuter countries around the capital fell by 0.6% in the month and have fallen by almost 18% in the past 12 months.
Prices for first-time and second-time buyers dropped by 0.3% and 1.1% respectively. New house prices were down 1.9%, while prices of existing houses fell by 0.4%.
The survey is based on the agreed sale price and is calculated using figures from mortgage drawdowns. The index is a three-month moving average. The compilers point out that there may be a time lag between the time the sale price is agreed and when the mortgage is drawn down.
