New figures out yesterday showed that the average house price in Ireland was now down by almost €30,000, after prices fell by 9.5pc in the past year. And the fall in house prices accelerated in May, according to the Permanent TSB/ESRI house price index. The index shows that average prices fell by 1.2pc in May. This was a sharper fall than the 1.1pc reduction in April. Prices have now fallen by 4.4pc in the first five months of this year. And economists yesterday predicted continued sharp falls in house prices.

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