House prices down 40%

House prices across the country have fallen by an average of more than 40%.

A new report from the Construction Industry Federation and the Irish Home Builders Association also claims the level of unsold housing stock is being exaggerated.

The study says the number of unsold dwellings in the Dublin area represents less than eight months supply in normal market conditions - and an average of one year's supply elsewhere around the country.

The CIF Director General Tom Parlon says there is no scope for house prices to fall further.

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