The average house price in north Belfast has plunged to £97,293, dropping £32,406 from official figures taken just three months ago.
The authors of the report, based on the University of Ulster Quarterly House Price Index — 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 highest priced city location was south Belfast. Standing at £183,560, this figure has dropped significantly too.