Average Irish national house prices fell by -1.9% in April according to the latest edition of the permanent tsb / ESRI House Price Index, which compares to reductions in March (-1.0%), February (-0.8%) and January 2009 (-1.4%).

Measuring the rate of growth in the 12 months (year-on-year) to April, national prices were down by -10.7%. This compares to a decline of -10% recorded in the 12 months to March 2009. In the first four months of 2009 national house prices have fallen by -4.9% which compares to a reduction of -3.3% in the same period in 2008, making the average price paid for a house nationally in April was €248,640, compared with €261,573 in December and a peak of €311,078 in February 2007.

The permanent tsb house price index is a 3 month moving average. The index is based on the agreed sale price and is calculated using data from mortgage drawdowns. Therefore a lag may exist between the time the sale price is agreed and when the mortgage is drawn down.