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House prices still falling fast

House prices fell last month at their fastest rate for two-and-a-half years, official figures have revealed.

In further signs that the crash has yet to bottom out, average property prices are down 15.1% in the last year, the largest annual decline since March 2010.

The housing index from the Central Statistics Office (CSO) also showed the cost of a home is now 45% cheaper than the peak in early 2007.

A breakdown of the property market revealed that average prices in Dublin are down 51% while outside the capital the fall is much lower at 42%.

The collapse has hit apartments much harder, with values down 60% in the last four-and-a-half years.

The fall of 2.2% in average property prices in October is the largest monthly drop since April 2009.

PA