House prices down 55%

HOUSE prices have now plunged more than 55% from their peak, falling back to levels last seen at the start of 2002.

The Cork market saw prices fall by just over 13% in the 12 months to June this year, while the price drop in Dublin was almost 16%, according to Sherry FitzGerald estate agents.

On a national basis, the average price of a second-hand house in Ireland fell 5.1% in the second quarter of this year, a 15.3% drop in the 12 months to the end of June.