Average house price below £180,000
The average house price in North Down has now fallen to £179,263.
The latest University of Ulster Quarterly House Price Index produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, puts the average overall price at £148,243. It’s the first time it has fallen below £150,000 in nearly five years.
The survey said that the tentative recovery in house prices in the first half of this year had been put on hold, or even reversed.
The authors of the report — Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton — said: “The significant fall in house prices stems from a current lack of confidence in the market possibly reflecting concerns about public spending cuts and their impact on jobs in a region highly dependent on public sector employment.”
Alan Bridle, UK Economist, Bank of Ireland, said: “A particular theme of this survey is that the previously resilient market in Belfast has been less strong in the third quarter — and turnover of properties remains weak by historic standards.”
The survey indicated that the market is becoming increasingly affordable, with more than a quarter of houses selling at or below £100,000. Collectively, nearly two thirds of the total sold at £150,000 or below.
The Housing Executive’s Head of Research, Joe Frey, said: “Given the fragility of Northern Ireland’s economy and the imminent cuts in public expenditure, it is little wonder that the housing market is turning down again.”
In Belfast the average price of housing fell substantially by 21.7percent over the year to £138,131. All property types showed declines.
The highest priced city location was south Belfast where the average fell sharply to £183,560, followed by the east (£174,459), west (£125,096) and north (£97,293). North Down’s average house price of £179,263 was down 11.7percent over the year, in contrast to the rises in recent surveys.