Fall in Northern Ireland property prices

According to the latest University of Ulster 'Quarterly House Price Index' house values in Northern Ireland have declined by 11% compared to this time last year, with the average property price in the province now at £137,000.

Almost all house sales in Northern Ireland currently involve property prices of £150,000 or lower, with one third of houses selling at £100,000 or less, according to the results of the survey of 115 estate agents. Terraced and semi-detached houses are said to have depreciated in value the most, though there are some regional differences. Lisburn in particular has a relatively strong property market when compared to the rest of Northern Ireland.

While house prices are down, and perhaps as a result, the actual levels of property sales are showing some signs of stabilisation, with an increase in transactions in the last quarter of 2011 compared to the same period in 2010 - 960 house sales compared to 684.

The report is produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive. Economist Alan Bridle of Bank of Ireland predicts that demand among house purchasers will be 'constrained' though was optimistic of higher activity levels over spring and summer.

If you are purchasing, selling or remortgaging a property in Northern Ireland, and need a conveyancing solicitor, contact Wilson Nesbitt solicitors in Belfast by calling 0800 840 9290.

 

 

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