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Irish house prices continued to drop in the fourth quarter according to property website Daft.ie.
The latest Daft House Price Report shows that asking prices for houses fell by 18 per cent in 2011.
The average asking price for homes is now €175,000.
Ronan Lyons, economist with Daft.ie, said: "It is tempting to see larger house price falls as a bad thing and no doubt many, particularly those in negative equity, will see this dramatic fall in those terms.
"However, if the size of the correction in house prices is determined by fundamental factors, then it is better for the prices to race to the finishing line than crawl there."
He said to get back to a sustainable lending environment, the banks should be encouraged to lend at sustainable rates and also a significant amount of mortgages.
He concluded: "It's only when we see that happening that we will see a recovery in activity and also a stabilisation in prices."
(CD/GK)
