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According to Halifax - the UK's largest lender - the average price of a property in the the country has fallen by 12.7 per cent since August last year.
The figure represents the single biggest fall since Halifax began publishing its survey in the early 1980s.
Mark Ellis, chief economist at Halifax, said he believed market conditions would remain tough.
"The pressure on householders' income, together with the reduction in the availability of mortgage finance due to the global financial markets crisis, is resulting in both lower property prices and activity levels," he commented.
Reuters reports that Ireland's 2009 budget will include a stimulus package aimed at buoying the slowing property market.
The date of the country's budget has been brought forward to October 14th from early December in an attempt to give clarity to investors and taxpayers.
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