Latest government figures showed private home prices have fallen to their lowest in two-and-a-half years.

According to data from the Rating and Valuation Department, the private domestic price index in July came in at 376.1.

That's the lowest reading since February 2020.

July's figure was down from 382.4 the month before. The price of small and medium-sized homes saw a 1.7 percent drop from June, while larger flats recorded a 0.13 percent decrease.

The price index stood at 390.8 in January 2022.

Rents, meanwhile, headed north, with the private domestic rental index rising to 178.9 from 177.8 in June.