Irish house prices fell at a record pace in April, extending a two-year slump and cutting the average price to the lowest level in five years, according to Dublin-based Irish Life and Permanent Plc.

Prices fell -1.9% from March and dropped -10.7% from a year earlier. The average house price in April was €248,640 ($346,753) compared with €311,078 at their peak in February 2007.

Ireland ’s economy is mired in the worst recession in its history due to the collapse of the property market and the impact of the global financial crisis. Rising unemployment and tax increases have curbed the ability of new buyers to purchase homes even as interest rates decline to a record low.