Northern Ireland property prices drop by 48% in five years
House prices in Northern Ireland have been falling steadily for almost five years, a monthly survey has found.
Research from the Royal Institution of Chartered Surveyors (RICS), concluded the province’s property market has clocked up its 59th consecutive month of falling house prices.
The report said most of its estate agent and surveyor members reported that prices fell in June. However, more sales are being made at those lower prices.
Many predicted that prices would keep falling in the next three months to come.
Prices have almost halved , falling 48% from their 2007 peak average of £240,408.
RICS Northern Ireland housing spokesman Tom McClelland said: “Aside from seasonal fluctuations, we saw a familiar pattern in the first half of the year, with prices coming under pressure and modest improvements in terms of sales activity,” he said.
Adrian Doran of Best Property Agents in Newry said the residential market in that area was “split”. “At the lower end, both investment and first-time buyer, there is a reasonably good market. But at the upper end, things are sluggish.”
Mark Leinster of BTW Cairns in Belfast said: “I don’t think there will be much further price shrinkage in the areas that are performing well, such as greater Belfast, Newtownabbey, north Down and Lisburn.”
According to the University of Ulster house price index for the first quarter of this year the average house price is £134,560.
But the house price index for the second quarter from Nationwide Building Society puts the average price at £110,422.