Property prices fell 17.8% in past year

Property prices have continued to tumble with no sign that the market has reached a bottom, official data shows.

Several economists have estimated that average house prices have fallen by up to 60% over the past five years with a further drop expected.

The latest figures from the CSO show property prices fell 17.8% over the past 12 months — the largest annual rate of decrease since Dec 2009.