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Northern Ireland house prices continue to fall
30/06/2009
The price of property in Northern Ireland is continuing to fall at a more significant level than in any other part of the UK, it has been claimed.
Nationwide's latest figures on housing have revealed that the cost of buying a home in the province fell by 4.7 per cent quarter-on-quarter between April and June, which was the same figure recorded in the previous three months.
Prices in the area are now believed to be 26 per cent lower than in the same period last year, with the overall UK percentage change standing at just -11.7 per cent.
Martin Gahbauer, chief economist of Nationwide, said: "In the current downturn, price declines have been much more uniform across the UK's regions.
"With the exception of Northern Ireland - which has seen especially large falls - prices in the rest of the regions have moved quite closely in line with one another."
Recent figures from Halifax found that the cost of both running and owning a residential property in the UK has fallen by almost a fifth in the past 12 months.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt solicitors, commented that "The larger decrease in house prices in Northern Ireland has to be set against the unprecedented rise in prices a few years back that saw some areas of Northern Ireland top the UK leaderboard of % increase in house value. It stands to reason that prices here had further to fall to reach a reasonable and attainable amount to allow first buyers to come back into the market."
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Nationwide's latest figures on housing have revealed that the cost of buying a home in the province fell by 4.7 per cent quarter-on-quarter between April and June, which was the same figure recorded in the previous three months.
Prices in the area are now believed to be 26 per cent lower than in the same period last year, with the overall UK percentage change standing at just -11.7 per cent.
Martin Gahbauer, chief economist of Nationwide, said: "In the current downturn, price declines have been much more uniform across the UK's regions.
"With the exception of Northern Ireland - which has seen especially large falls - prices in the rest of the regions have moved quite closely in line with one another."
Recent figures from Halifax found that the cost of both running and owning a residential property in the UK has fallen by almost a fifth in the past 12 months.
Christine Farrell, Head of the Residential Property department at Wilson Nesbitt solicitors, commented that "The larger decrease in house prices in Northern Ireland has to be set against the unprecedented rise in prices a few years back that saw some areas of Northern Ireland top the UK leaderboard of % increase in house value. It stands to reason that prices here had further to fall to reach a reasonable and attainable amount to allow first buyers to come back into the market."
Visit our residential property services page
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