National price of houses hits 2002 levels

AVERAGE national house prices are at 2002 levels, falling by a further 1.3% in the third quarter of 2010.

The latest permanent tsb/ESRI house price index shows that house prices have fallen 36% since the peak at the end of 2006.

Last quarter’s fall of 1.3% is the lowest quarterly reduction since the second quarter of 2008 (April-June inclusive) and compares to a reduction in the second quarter of this year of 1.7%.