House prices down 34% in past three years

House prices in Ireland have fallen by 34% in the last three years, according to the Institute of Professional Auctioneers and Valuers.

The organisation says a survey it conducted has found that a lack of access to mortgages is the main reason why people are not currently buying houses.

Some 27% of those questioned said they were not buying because they expected prices to fall further, while 18% said it was due to a lack of job security.