Asking prices for residential properties fell by 0.7 per cent in the three months to the end of September, according to property website MyHome.ie

The site, which is owned by The Irish Times Ltd, analysed all the properties advertised on its pages, which contain two-thirds of all residential properties for sale in the Republic.

The analysis, carried out by NCB Stockbrokers, showed that the drop was more pronounced in Dublin than in the rest of the country. Dublin asking prices were down 1.7 per cent compared to 0.3 per cent outside Dublin.

Three-bedroom semi-detached houses in west Dublin recorded a drop of 2.3 per cent in their average asking prices.

Second-hand asking prices fell by 0.7 per cent compared to 0.3 per cent for new properties.

Daft.ie, another property website, has found meanwhile that one out of every 10 home sellers had to reduce the asking price to force a quicker sale.

The latest Daft House Price Report also suggests that properties are taking longer to sell. One out of every five properties listed on the Daft site last January is still up for sale nine months later.