Belfast Telegraph

Rising house prices still 50% below peak

By margaret canning

Estate agents in Northern Ireland have told their professional body that property prices are going up – though at least one has warned that increases are not uniform.

The Royal Institution of Chartered Surveyors said members reported rising prices for the fourth consecutive month.

Around 60% of respondents told the monthly RICS survey that prices were up in the three months to the end of September – and none said prices were down.

RICS Northern Ireland housing spokesman Tom McClelland said that prices were rising from a low base and were still over 50% below their peak.

"The recovery from the price collapse that occurred post summer 2007 will be a long and slow one," he said.

"There will also be bumps along the way.

"However, there is growing evidence to suggest that it is at least properly under way."

Prices have slumped by 50% or more since the peak back in 2007.

In August, the Government reported a standardised residential property price for all types of home at £96,327 for the second quarter of this year, compared to £209,857 in the second half of 2007.

Paddy Turley, an estate agent at Ulster Property Sales, said housing surveys provided "a brushstroke" across the province.

"Even the market within Belfast can vary. Within south Belfast, areas like Stranmillis and Malone – yes, buyers' demand is back."

Transactions had gone up across all UPS branches, Mr Turley confirmed.

Belfast Telegraph