Optimism despite NI property transaction level and price decline

The Northern Ireland property market has gone through a strong period of stabilisation over the past couple of years, and while the most recent residential property price index shows a fall in transaction levels and house values, there is good reason to remain optimistic about the future of the property market.

The latest Northern Ireland Residential Property Price Index (NIRPI) shows that there was a drop in property sales in the first quarter of 2015, and that prices fell on average by 1 per cent. There were 4,058 house purchases in the first three months of this year, down from 5,499 in the last quarter of 2014.

However, it is worth noting that since 2008 property transaction levels have always fallen in the first quarter of the year, with the one exception of 2012. In all the other years, property purchase levels dropped off in the first three months of the year.

Similarly, there will not be too many concerned at the 1 per cent decline in property prices in light of the overall 12 month gain of 6 per cent across Northern Ireland. The second and third quarters were the strongest for property prices in both 2013 and 2014, and it will be hoped that that pattern continues this year.

If you are buying, selling or remortgaging a house in Northern Ireland and want to speak to a property conveyancing solicitor about the legal process, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.

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