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House values plunge across Ulster

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By Helen Carson
Saturday Oct 11 2008

A Malone Road mansion bought at the height of the boom for £2.25m sold earlier this year for £1m less, it was revealed yesterday.

The six-bedroom Victorian property went on the market early last year with estate agent Templeton Robinson and was snapped up for more than £2m.

But a slowdown in the Northern Ireland housing market, which has seen prices plummet by up to 30% in the past year, saw £1m slashed off the value of the bay-fronted detached home.

And with even the most coveted address in the province not escaping falling prices, local estate agents have claimed the resale market has all but bottomed out.

But the period property is not the only one to see its price take a downward spiral.

A detached bungalow in the picturesque village of Crawfordsburn has had its asking price reduced by £245,000.

The two-bedroom home on the sought after Ballymullan Road, which has extensive gardens, was originally valued at £695,000, but is now looking for offers around £450,000.

The prestigious Wellington Square development in Belfast has also seen prices slashed.

Previously a four-bedroom townhouse would have set a buyer back by up to £400,00. Now the same property is for sale at £275,000.

Likewise, a three-bedroom luxury home at the city scheme has dropped from £385,000 to £250,000.

Keith Mitchell from estate agent Templeton Robinson said: “This is the first time Northern Ireland has had a boom and bust – but house prices are not just a problem here, it is a global issue.”

Mr Mitchell added the supply and demand situation of the boomtime has reversed, with 12,500 houses for sale in the province now compared to 4,000 just 18-months ago.

He pointed out, however: “The important figure is the difference between the price people sell their home for and that of their next home.”

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