More figures released today show evidence of the continuing slowdown in the housing market.

The average price of a second-hand property fell by 6.8% in 2007 with a fall of 2.4% in the last quarter of the year.

But when the Dublin market is taken out of the equation, the figures show a more moderate price reduction, with prices down by 3.1% in the year and by 2.1% in the last three months of the year.

The estate agent said first-time buyers were responsible for 36% of all sales. Investors also remained quite active, purchasing 16% of all second hand properties sold by Sherry Fitzgerald in the year.

Sherry Fitzgerald said that the property market was hit by the erosion of consumer confidence in the performance of the market.