Northern Ireland house prices fell by up to 5% in December according to 82%
of chartered surveyors, it was revealed today.
The latest figures from the Royal Institution of Chartered Surveyors house
price survey, sponsored by Ulster Bank, show that the majority of its
members reported a decline in property prices here at the end of 2007.
An RICS spokesman described the end of last year as "extremely difficult
" for the Northern Ireland housing market.
Despite the findings, though, the RICS has predicted house sales will
increase this year.
The RICS survey confirms the fact property prices took a tumble at the end
of 2007. And December marked the fifth month in a row of falling house
prices.
Ten per cent of surveyors reported a drop in property values of 8% or more.
Meanwhile, another 18% of those questioned found they had stayed the same. A
further 31% of respondents noted price dips of between 0-2%, with decreasing
prices of 2-5% noted by another 30% of the profession.
Another 12% of local surveyors said prices fell by between 5-8%.
RICS Northern Ireland housing spokesman Tom McClelland said: "The last
few months of 2007 were extremely difficult for the Northern Ireland housing
market as many potential buyers took a 'wait and see' approach."
Mr McClelland added, however: "We expect transaction numbers to
increase during the first half of 2008 from the low levels at the end of
2007 following the recent interest rate cut and with likely cuts in the
coming months."
Ulster Bank head of mortgages, Derek Wilson, said the next few months will
be crucial: "The end of the year is traditionally a slow period for the
housing market so price falls in December were not unexpected. The market
normally picks up in early spring, so the next few months will be important."
Hi: 18°C / Lw: 13°C
Nadal powers to title after epic win over Federer
Revealed: Ulster's most dangerous roads
Hammond and May refuse to sign new contracts
Deputy First Minister in Baghdad for peace mission
Thomas Beattie gives birth to healthy baby girl
Iran warns: attack us and we'll strike you back
Visting the city? Check out our guide to the capital
Swimsuit photo shoot in buildup to Vietnam final
Mandela honoured with the class of 2008
Video tribute as Queen's honours James Ellis
Supporters that made Euro 2008 one to remember
Fashion of the wives throughout the tournament
Pop princess Minogue wows fans at Odyssey gig
Try your luck in our GAA 'pick the score' competition
Looking forward to the famous biking event
Ship's Belfast beginnings celebrated in exhibition
Applauding Ulster's most exceptional women
Special report on Northern Ireland's worst house fire
Celebrating excellence at the inaugural awards gala 
Special multimedia report on Belfast Wheel