Around 20% was wiped off the cost of second-hand homes in Ireland last year.

The drop is the largest deflation in prices ever recorded in the country, according to leading estate agents Sherry Fitzgerald.

Despite the average fall in value of around a fifth, property prices in Dublin slumped by almost 30% compared to the peak market period in June 2006.

Cork property values fell by just over 15% between December 2007 and the same month in 2008.

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Rent rates have also dipped. According to figures 10% was slashed from costs in the year leading to November 2008.

Meanwhile, building supplies firm CRH is expected to announce a 15% drop in profits for last year.

A trading update, expected later today, is believed to contain details of a €1.6m profit for 2008.

The firm's full-year 2008 PBT is expected to be €1627m, while its operating profit for the same period is forecast at €1843m.

The regional breakdown of sales is 57% from Europe, down 5% since 2007, and 43% from the Americas, down 20% year-on-year.

Earning forecasts for this year could be affected by an ease in European growth and a weak dollar, according to CRH stockbroker Davy.

(PR/JM)