House prices plummet by 18%

HOUSE prices in Dublin have plummeted by nearly a fifth in a year while the amounts in loans being lent to buyers has dramatically fallen, according to new housing statistics.

The latest figures from the Department of Environment make for sober reading for home owners but are welcome for first-time buyers struggling to get on the property ladder.

The official housing prices for the last quarter of 2008 released yesterday reveal that the cost of homes have not only bombed in the capital but also nationwide.