House prices falling at fastest rate in two years: CSO

House prices are falling at their fastest rate in two years, according to new figures from the CSO.

A new index shows that house prices have fallen by nearly 12% in the past year, and are down by 40% on their peak in 2007.

In Dublin, prices have fallen by 47% since their peak in 2007, while apartments in the capital have declined by 52%.

In March, prices fell by 1.7%, which is the largest monthly decline since mid-2009.

Economist at Goodbody stockbrokers Dermot O'Leary said the arrival of the EU and the IMF into Ireland may have had a bearing on property transactions, indicating the "lack of health in the banking sector".