House prices drop by over a third to 2002 rates

HOUSE prices have fallen by over a third since the peak of the boom and are back at 2002 rates, according to latest figures.

The latest Permanent TSB/ESRI housing report shows a 10.8% drop in prices last year and this follows a 18.5% drop the year previous.

Auctioneers Savills say they think the drop has been more severe in the first-time buyer and top-end of the market in Dublin and Cork where they claim prices may be back at levels last seen in 2000.