The findings are contained in a report published by the Society of Chartered Surveyors.

Home owners should ensure these lower rebuild costs are reflected in the sums insured on their house insurance as this is a key driver in the cost of the policy.

The biggest decreases were seen in Dublin – which has the most expensive rebuild costs for all six house types surveyed.

Falls of between €170 to €185 per sq metre were recorded in the rebuild costs, he said. The surveys covers rebuilding costs for the main house types in all five major urban areas of Dublin, Cork, Galway, Limerick and Waterford.

The dip in prices means the cost of rebuilding a typical 3-bedroom 95sqm house in Dublin has fallen from €223,339, about €200 per sq metre, to €204,056, a fall of 8.6%.

The cost of rebuilding a four-bedroom 118sqm detached house in the capital has fallen from €257,669 to €235,668 – €186 per sqm – and a fall of 8.5%.

In Cork, the cost of rebuilding the same house is down from €195,955 to €181,978, a dip of 7.1%.

Whilst it is important not to be under insured it is of no use to be over insured.  At Doyle Mahon Insurances we would urge customers to contact us before they renew their house insurance to ensure they are properly covered. Please feel free to call our offices, on  053 91 23630, should you have any queries in relation to your house insurance