House prices in Ireland fell by over 20% in 2009, according to figures published by estate agent Sherry Fitzgerald.

However, the rate of decline is slowing with the average price of a second-hand home down by 4% in the final quarter of the year compared to 8.3% in the first quarter, the estate agent said.

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The firm added that total correction in the national residential housing market was 20.3% in the 12 months, while the average price of a second-hand property in Dublin fell by 4% in the final quarter of the year, bringing the total drop in prices in the capital to 21.5% during 2009.