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NI house prices down 18%
02/07/2008
House prices in Northern Ireland have fallen by an average of 18 per cent over the last year, a Nationwide survey has shown.
According to the report, while the average house in Northern Ireland would have been sold through solicitors at £215,000 in June 2007, it would now go for a sum closer to £183,500.
Despite this, prices remain significantly higher than during the same period two years ago, the survey demonstrates.
Tom McClelland from the Royal Institution of Chartered Surveyors told the BBC: "There has been a big price hike over the last two years, that has to be adjusted and the adjustment is painful."
Professor Alasdair Adair from the University of Ulster said to the BBC that there was the demand for houses but that people were unable to gain the credit to purchase them.
Speaking to the Newsletter, Mike Smith, also from the university, said the situation was not similar to that of the 1970s, instead trying to reassure Northern Ireland residents that employment remains high and the province is doing better than any other region in the UK.
Get a quote for residential property legal services
According to the report, while the average house in Northern Ireland would have been sold through solicitors at £215,000 in June 2007, it would now go for a sum closer to £183,500.
Despite this, prices remain significantly higher than during the same period two years ago, the survey demonstrates.
Tom McClelland from the Royal Institution of Chartered Surveyors told the BBC: "There has been a big price hike over the last two years, that has to be adjusted and the adjustment is painful."
Professor Alasdair Adair from the University of Ulster said to the BBC that there was the demand for houses but that people were unable to gain the credit to purchase them.
Speaking to the Newsletter, Mike Smith, also from the university, said the situation was not similar to that of the 1970s, instead trying to reassure Northern Ireland residents that employment remains high and the province is doing better than any other region in the UK.
Get a quote for residential property legal services
