THE RESIDENTIAL property market continued its downfall last month, with the average home dropping in value by 1.6 per cent, according to new data from the Central Statistics Office.

The Residential Property Price Index fell to 73.9 in August, down from 75.1 in July, when prices had fallen by 0.8 per cent.

The decline in property prices now appears to be picking up speed – with the annual rate of decline hitting 13 per cent, the largest 12-month drop since early 2010.

The fall in prices was sharpest in Dublin, where prices are down by 3.8 per cent on last month. Residential property prices in the capital have now fallen by 14.9 per cent in 12 months.

Apartment prices are down by 6 per cent in the last month alone, and are now down by 17.4 per cent on average, compared to the same time a year ago.

The average sale price for an apartment in the capital is now some 57 per cent lower than it was at its peak in February 2007.

Elsewhere in the country, the fall in prices was more modest, with prices falling by 0.3 per cent in a month.

House prices in Dublin are now worth 52 per cent of their peak prices, while nationally the average sale price for a residential property is 43 per cent lower than its peak.