RESIDENTIAL PROPERTY prices fell by 1 per cent in April on a month earlier, according to the Central Statistics Office. The pace of decline remains largely in line with the rate of change over the past two years.

With no sign of a bottoming out of the market in April, nationwide prices were 40 per cent off peak. The nationwide high-point in prices was reached in September 2007.

The CSO’s monthly Residential Property Price Index was published for the first time last month. It is considered to be the most comprehensive and timely measure of property prices.

It provides breakdowns of Dublin and rest-of-the-country prices; and by type of property – houses and apartments.

House prices in Dublin have fallen nearly 46 per cent since their peak in April 2007. In April 2011 they fell by 0.4 per cent on a month earlier.

Apartment prices in the capital have fallen even more precipitously, declining 53 per cent since their high in February 2007.

In April 2011 the month-on-month fall in Dublin apartment prices was 1.8 per cent.

The index shows that residential property prices throughout the rest of the country have fallen by less than those in the capital.

Since their peak in 2007, prices for all residential properties outside Dublin have declined by 36 per cent on average.

In April, they fell by a further 1.3 per cent.

Dermot O’Leary, economist at Goodbody Stockbrokers, said that, based on the figures the national average price for a house was €180,000, back to levels seen in early 2002.

“It is clear that an unprecedented correction has taken place, but until the banking sector shows real signs of rehabilitation, facilitated by the restructuring efforts currently ongoing, there is little reason to believe that prices will rise,” he said.