House prices in Ireland have fallen by 3.4% so far this year, according to property website Daft.ie.

The decline represents the smallest quarterly fall in almost two years.

The report indicates that the national average asking price last month was €234,000, a total of €120,000 (33%) below the 2007 peak.

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Price falls were largest in Galway city, north Co Dublin and counties surrounding Dublin.

Properties in Louth have also seen some of the steepest falls in the last three years, with an average house in the area now priced at €200,000.

The report that, while prices continue to fall and the total number of houses on the market is high, there is a steady decrease in the number of houses on the market.

(NS/BMcC)