House prices drop 1.8% in October

Dublin: House prices fell the most in six months in October, extending a real-estate slump that has pushed prices to their lowest in six years.

Prices dropped 1.8% from the previous month, the most since April, Dublin-based Irish Life & Permanent Plc said in a monthly report today. From a year earlier, prices dropped 13.9%.

House prices have fallen in every month since March 2007 and are now 27% below their peak in the early part of that year, according to the Irish Life/ESRI index. The average price of a house in Ireland was €228,347, the lowest since October 2003.