The Central Statistics Office says that house prices nationwide are now almost 40% lower than their highest level in early 2007.

In its new residential property price index, the CSO says that house prices in Dublin are now about 45% lower than their highest level in 2007 with apartments down by 52%.

The CSO's residential property price index is designed to measure the change in the average level of prices paid for residential properties sold in Ireland. The index is mix-adjusted to allow for the fact that different types of property are sold in different periods and starts from 2005.

The CSO says the overall national index grew by about 1% in almost every month between June 2005 and March 2007. Between April 2007 and November 2007 there was little movement in the index. But since December 2007 a consistent fall in prices has been evident with the rate of decline accelerating in 2009 and into early 2010.

The monthly rate of decline increased to 1.7% in both February and March of this year, the largest monthly decrease since July 2009.

The monthly rate of decline increased to 1.7% in both February and March of this year, the largest monthly decrease since July 2009.

Today's index shows that in the year to March, house prices fell by 11.9% nationwide. This compared with an annual rate of decline of 10.8% in February and a fall of 15.1% recored in the 12 months to March 2010.

The CSO says that house prices declined by 1.7% in the month of March - the same decrease recorded in February. It comes with a fall of just 0.4% in March of last year.

In Dublin, residential property prices fell by 1.8% in March and were 13% lower than this time last year.

Permanent TSB/ESRI to cease price index

Permanent TSB and the ESRI have decided to cease the publication of their house price index.

The decision was taken mainly as a result of the introduction by the Central Statistics Office's monthly index.

This measures average prices for homes around the country and is based on information provided by a number of financial institutions.

The CSO index will be published monthly.

'We believe that it does not make sense to continue to produce our own index when the CSO will be producing a similar index based on a more comprehensive set of information,' a statement from Permanent TSB said today.