Irish property price fall sharpest for two years

DUBLIN (Reuters) - The rate of decline in Irish house prices accelerated to 2.1 percent in June compared to a drop of 1.2 percent in May, the steepest monthly fall recorded in over two years, data on Wednesday showed.

Last month's surprise 0.4 percent rise in property prices in Ireland's capital was short-lived as Dublin residential property prices fell by 2.4 percent in June.

Prices have fallen for 43 straight months after years of reckless lending abruptly ended with the bursting of a property bubble and house prices are now 42 percent below their 2007 peak, according to the Central Statistics Office.

House prices fell 12.9 percent in June on an annual basis, accelerating from May's annual drop of 12.2 percent and the fastest annual pace since June 2010.

(Reporting by Padraic Halpin)