Irish house prices continued to fall last month, and at a faster pace than the previous month.

House prices dropped 1.6 per cent in August, compared to a 0.8 per cent fall in July. On an annual basis, house prices were 13.9 per cent lower last month than the previous August. This compares to an annual rate of decline of 12.5 per cent in July.

The latest monthly figures, which were released by the CSO today, mean that residential properties are now 43 per cent lower than in 2007.

Dublin has seen the steepest falls in value, with houses in Dublin now 48 per cent lower than their peak in 2007, and apartments in Dublin 57 per cent lower.

A fall in the price of residential property in Dublin continued to drive the overall decrease last month, with the price of all Dublin residential property falling 3.8 per cent in August, 14.9 per cent lower than a year ago. House prices in Dublin were down 3.4 per cent , while the price of apartments in the capital fell by 6 per cent.

The price of residential property in the rest of the country fell by 0.3 per cent in August. This compares to a 0.2 per cent increase in August last year.