The rate of decline in house prices nationwide slowed last year, new figures show today.
The Permanent TSB/ESRI house price index shows that national house prices fell by 10.8% last year. This compares to a fall of 18.5% in 2009. House prices have slumped 38% since their peak at the end of 2006 and are now at 2002 levels.
Today's index also reveals that average house prices fell by 3.5% in the last three months of 2010 compared to a fall of 1.3% in the previous three-month period.
It says that the average price for a house in Ireland in the fourth quarter of 2010 stood at €191,776 compared with €215,086 in the fourth quarter of 2009 and €311,078 at the peak of the housing boom.
'With low transaction volumes, continuing price declines and a sluggish economy, the outlook is for a very subdued property and mortgage market in 2011,' commented Niall O'Grady, general manager of Permanent TSB.
Breaking down the house price index figures, they show that house prices in Dublin fell by 15.1% last year, an improvement on the drop of 23.4% in 2009. The average price for a house in the city in the fourth quarter of last year was €237,480 compared with €238,986 the previous quarter.
House prices outside of Dublin fell by 8.1% last year. This compares to a decline of 15.6% in 2009. The average price of a house outside Dublin in the last three months of 2010 stood at €174,470 compared to €179,721 in the previous three month period.