House prices nationally fell by some 10.2 per cent on average in the full year to the end of October, according to new figures.
The Permanent TSB/ESRI house price index published this afternoon said the decline compares to a drop of 4.7 per cent in the 12 months to October 2007.
The average price paid for a house nationally in October was €265,364. This compares to €287,887 in December last year.
Average national house prices fell by 0.8 per cent last month, following drops of 1.1 per cent in September and 0.9 per cent in August.
In the first 10 months of 2008, average national prices fell by 7.8 per cent.
General manager with Permanent TSB Niall O’Grady said the pace of the drop in house prices remains steady nationally, but reductions in Dublin have started to accelerate.
“In addition, the recent rate reductions from the European Central Bank provide a very welcome boost for existing customers but will not offset the loss of confidence in the market in the near term.”
In Dublin, house prices fell by 2.6 per cent in October while those outside the capital fell by 1.4 per cent. In September the relative price changes were -0.8 per cent and -1.6 per cent respectively.
Year-to-date prices for Dublin and outside Dublin were down 9.0 per cent and 9.5 per cent respectively.
In the 12 months to the end of October, prices were down 10.4 per cent and 11.1 per cent in Dublin and outside Dublin respectively.
The equivalent changes in the year to the end of September were -8.4 per cent and -11.0 per cent respectively.
The average price paid for a house in Dublin and outside Dublin in October was €361,644 and €225,701. In December 2007, the equivalent prices were €397,507 and €249,359.
In the commuter counties of Louth, Meath, Kildare and Wicklow, the year-on-year drop in prices to October was 11.9 per cent, compared with 10.2 per cent in this category in the 12 months to September.
In October, the average price of a house in the commuter counties was €286,862, down from €321,403 in December 2007.
The average price paid for a new house in October was €268,633, while that paid for a second hand house was €263,700. The equivalent levels in December last year were €290,296 and €284,608.
According to the report, prices for three-bed semi-detached homes fell by 0.2 per cent last month, compared with 1.2 per cent in September. Year-to-date prices for such homes were down by 5.7 per cent.