House prices have fallen to their lowest level in five years. According to the latest Permanent TSB/ESRI report, the average price of a house in May was just over €245,000. That's a drop of 6.2% in the first five months of the year. Prices for first time buyers have plummeted by more than 9% since January. Niall O'Grady, General Manager of Business Strategy at Permanent TSB, says that first time buyers are seeing the biggest decreases.