House prices are falling again across the country. Latest figures from the Central Statistics Office (CSO) show a nationwide drop of 3% in the year to the end of March.

This compares with an annual rate of decline of 2.6% in February and a decline of 16.3% recorded in the 12 months to March of last year.

However the monthly fall of 0.5% in March was significantly less than 1.5% drop registered in February.

In Dublin residential property prices fell by 0.8% in March but were 1.4% higher than a year ago. Dublin house prices fell by 0.3% in the month but were 1.5% higher compared to a year earlier.

Dublin apartment prices saw an even sharper drop and were 2.2% lower when compared with the same month of last year.

The CSO says the price of residential properties in the rest of the country fell by 0.3% in March compared with a decline of 0.6% in March last year.

More generally, house prices in Dublin are 55% lower than at their highest level in early 2007 and apartments in the capital are 62% down on March 2007.