RESIDENTIAL PROPERTY PRICES are falling at their fastest rate in over two years, according to the latest data published by the Central Statistics Office.

The latest Residential Property Index indicates that the average house price in Ireland fell by 2.1 per cent last month alone – meaning that prices had fallen by nearly 13 per cent since June 2010.

Prices in Dubiln were down by 2.4 per cent on average in the last month, with house prices down by 2.4 per cent and apartment prices down by 1.5 per cent.

Apartment prices in the capital are now 15.3 per cent lower than they were in June 2010, while house prices are just under 12 per cent down on where they were at that time.

Outside of Dublin, the average residential property price fell by 1.9 per cent in June, meaning prices were exactly 13 per cent lower than the same time last year.

The continued freefall of prices in Dublin means that apartment prices are down by 54 per cent from their peak, of February 2007, while hosue prices are down by 47 per cent from their peak in early 2007.

National house prices, which also peaked in early 2007, are down by 42 per cent.