House prices around the country fell by 4.8% in the first three months of this year, the latest survey shows.
The quarterly Permanent TSB/ESRI house price index says this compares to a fall of 4.3% in the first quarter of 2009 and a fall of 7.7% in the last quarter of 2009.
The survey shows that house prices slumped by 18.9% year on year and compares to a reduction of 18.5% year on year to the fourth quarter of 2009.
The house price index reveals the average price for a house in the first quarter of the year was €204,830, compared with €215,086 in the first quarter of 2009 and €311,078 at the pea of the market. It points out that national prices have fallen by 34% since their peak at the end of 2006.
The survey says that Dublin house prices fell by 10.3% in the first three months of 2010 and compares to a fall of 9% the same time last year. The average price for a house in Dublin was €250,872 compared with €279,753 in the last quarter of last year.
House prices outside Dublin fell by 3.5% in the three month period, which compares to a fall of 2.8% the same time last year. The average price for a house outside of Dublin was €183,309 compared with €189,924 in the fourth quarter of 2009.
