HOUSE prices plummeted by more than 7pc last year — wiping €24,000 off the value of the average house.

New figures published yesterday reveal the average price of a house nationally has now fallen to around €288,000.

And economists last night warned that house prices would experience an annual drop of up to 15pc if they continued to fall at this level.

But the price of new houses was not as dramatic. New homes fell in price by 4pc, due mainly to what housing market experts said were artificial price supports.

Developers of new housing units have been offering free white goods, tiling and other incentives rather than dropping prices in an attempt to entice buyers.

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