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Last month, the average price of a house in the country fell by 1.4 per cent. In December, the figure was 0.9 per cent.
Meanwhile, the average price of a house in Ireland fell from €261,573 to €258,006.
Niall O'Grady, general manager for business strategy at Permanent TSB, commented: "The pace of reductions is clearly accelerating due to deepening price discounting in an attempt to clear stock."
North of the border, it has been reported that house prices have fallen by almost 30 per cent over the last year.
The University of Ulster's quarterly house price index, produced in partnership with the House Executive and the Bank of Ireland, showed that 2008 was the worst year for the Northern Irish housing market since the early 1980s.
