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20/11/2001
Apartment prices fall as housing market stabilises
The average price of an apartment in Northern Ireland has slumped by more than £10,000 in the past year, according to a survey published today by the University of Ulster.
This sector of the market is described as ‘volatile’ in the Quarterly House Price Index prepared by the Centre for Research on Property and Planning at the University of Ulster in conjunction with the Royal Institution of Chartered Surveyors (RICS) and sponsored by Ulster Bank.
The survey shows that the average apartment now costs £83,089, a fall of 11 per cent over the year.
Elsewhere residential property prices have consolidated with the average home increasing in value by 6 per cent in the last three months, compared to a rise of 11.5 per cent in the preceding quarter.
The report says that the virtual halving of the annual rate of increase underlines the consolidation taking place within the market after big price rises in the Spring of this year.
The average price of a home in Northern Ireland now stands at £86,846, with a wide regional variation ranging from £100,755 in Lisburn to £69,536 in Londonderry/Strabane.
Aside from apartments, every other sector of the residential market showed an increase in value, although there were widely varying performances.
The highest rising sectors were semi-detached bungalows up 16 per cent and semi-detached houses up by 9.3 per cent over the year.
Detached bungalows rose by 8.6 per cent in the same period but detached homes increased by only 3.2 per cent. (GB)
This sector of the market is described as ‘volatile’ in the Quarterly House Price Index prepared by the Centre for Research on Property and Planning at the University of Ulster in conjunction with the Royal Institution of Chartered Surveyors (RICS) and sponsored by Ulster Bank.
The survey shows that the average apartment now costs £83,089, a fall of 11 per cent over the year.
Elsewhere residential property prices have consolidated with the average home increasing in value by 6 per cent in the last three months, compared to a rise of 11.5 per cent in the preceding quarter.
The report says that the virtual halving of the annual rate of increase underlines the consolidation taking place within the market after big price rises in the Spring of this year.
The average price of a home in Northern Ireland now stands at £86,846, with a wide regional variation ranging from £100,755 in Lisburn to £69,536 in Londonderry/Strabane.
Aside from apartments, every other sector of the residential market showed an increase in value, although there were widely varying performances.
The highest rising sectors were semi-detached bungalows up 16 per cent and semi-detached houses up by 9.3 per cent over the year.
Detached bungalows rose by 8.6 per cent in the same period but detached homes increased by only 3.2 per cent. (GB)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
