Second-hand house prices down 14%

The average price of a second-hand property in Ireland fell by 5.9% during the third quarter of 2008, according to estate agents Sherry Fitzgerald.

Prices were down 14% in the 12 months to September.

The results for the Dublin market are even more marked with price reductions of 7.1% in the quarter and 15.7% in the year to September 2008.

The Cork market recorded price deflation of 4.7% in the quarter and 12.7% in the 12 months to September.

Sherry FitzGerald chief economist Marian Finnegan said: "All areas of the country are now enduring significant price falls with the upper end of the market most affected to date."