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House prices down €18,000 on average

HOUSE prices have fallen by 6pc since the start of the year, wiping €18,000 off the value of the average home.

Last month alone saw a 1.1pc decline in the value of houses across the country.

The average price paid in November was €292,124, compared with €310,409 in the same month last year.

In Dublin, prices plunged 0.1pc last month, taking the decline for 2007 to 5.6pc.

House prices in Dublin have fallen by an average of €24,000 in the past year, according to the Permanent TSB/ESRI index.

Builders have been criticised for refusing to drop prices of new homes, with many offering incentives like free kitchen fit-outs instead.

Other builders have withdrawn properties from sale and rented them out in the hope of putting them back on sale when the market picks up.

New house prices fell 0.7pc in November, and are down 3.6pc in the year.

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