Daft Property - Irish Property News

House prices now falling faster than ever... HOUSE prices are falling more steeply than ever, as sellers discount heavily to try to secure a sale. Average prices nationally fell by 1.4pc in January, compared to falls of 0.8pc in October, 0.5pc in November and 0.9pc in December, according to the latest Permanent TSB/ESRI house price index. Prices were down by 9.8pc in the 12 months to January, compared to a fall of 9.1pc in the year to December. The average price paid for a house nationally last month was €258,006, down €3,500 on December 2008, and compared with a peak price of €311,078 in January 2007. The price falls have increased in recent months, said Permanent TSB manager of business strategy Niall O'Grady. "The pace of reductions is clearly accelerating due to deepening price discounting in the market in an attempt to clear existing stock," he said. Dublin house prices were worst hit, falling by 1.4pc in January, whereas there was a reduction of 0.6pc for houses out