No confidence in Northern Ireland property prices

While the rest of the UK responded to a survey with growing confidence in the property market, not one person in Northern Ireland predicted any increase in house values this summer.

Nearly three-quarters of those surveyed by property search website Zoopla predicted an average increase of 4.5 per cent to house prices in their area. However, there was much less optimism for the Northern Ireland property market, with one third predicting house prices will stay the same, and two thirds expecting values to fall further.

The lack of confidence in Northern Ireland house prices is to be expected, as values plummeted in the region when the property boom was quickly followed by a recession. House prices had further to fall and home owners who had purchased at the height of the boom quickly slipped into negative equity. Recent property surveys and reports suggest that property sales are up in Northern Ireland, and while some are predicting an increase in prices, most home owners would be happy just to see an end to the decline in values.

If you are buying, selling or remortgaging a property in Northern Ireland and require a conveyancing solicitor to handle the process for you, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.