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House prices drop to £184,000

The average house price in south Belfast has fallen to £183,560, down from £219,187 just this May.

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 in Northern Ireland 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.

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.

In Belfast the average price of housing fell by 21.7p ercent over the year to £138,131. All property types showed declines.

South Belfast is still the highest priced city location, followed by the east (£174,459), west (£125,096) and north (£97,293).

Belfast Telegraph