A new survey by the Global Property Guide (GPG) has revealed that house prices in Ireland have declined more than anywhere else in the developed world.

Prices are down by 15 percent percent over the year to the end of September.

In June, credit rating agency Standard & Poors predicted that house prices would fall another 10 percent this year, reaching bottom in 2011.

The price falls can be contributed to an oversupply of houses and high unemployment.

"Ireland had the worst annual price decline among countries in the survey, with house prices down 14.94 pc over the year to quarter three 2010," the GPG report said.

"Irish house prices have been falling for the past three years, and the declines show no sign of ending."

The report showed that 17 out of 35 countries had increases in house prices over the year to the end of September.

Kersten Mehl of the Irish Auctioneers and Values Association said the decrease in Irish prices was “due to lack of credit in the economy.”