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16/02/2011
NI Housing Market Continues To Fall
Two NI banks have the poor state of the housing market in focus with news from the Bank of Ireland that the average house price fell again last year.
However, as Alan Bridle from the Bank of Ireland was commenting on the latest survey of domestic property prices that showed a fall of 7.7% last year, Northern Bank was busy removing arrangement fees and reducing rates across all of its fixed rate and Base Rate Tracker mortgages.
They said this was a bid to stimulate activity in the local mortgage market.
The move is part of a new campaign challenging consumers to see if Northern Bank can reduce their mortgage repayments.
According to Mark Beattie, Head of Mortgages at the Northern, the challenge is designed to remove barriers to switching mortgages and to encourage consumers to compare prices to see if they could reduce their monthly repayments.
"We are in an excellent position to help all types of customers whether they are looking for a better deal, thinking of moving house or buying their first home," he said.
The news helps lift the gloom as the Bank of Ireland expert predicted it would be the end of 2011 before NI will see the market bottoming out.
Alan Bridle was commenting on the University of Ulster's House Price Index that shows the region has yet to see a housing recovery.
He said the market has become increasingly lower priced with 92% of properties selling at or below £150,000 - while at the peak of the housing boom, less than 10% of properties went for below £150,000.
Mr Bridle said the market faces "further headwinds in the next 12 months, both on the demand and supply sides".
The quarterly survey, produced in partnership with the Bank of Ireland and the NI Housing Executive, polled 110 estate agents around Northern Ireland for the final quarter of last year and found that the overall average price of a house was £149,795.
House sale figures continued to fall, with a sample of 684 transactions in the fourth quarter compared to 795 in the third quarter and 1,009 in the second.
The authors of the report, Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton said the difficult second half of 2010 contrasted with "tentative signs of recovery" in the first half of the year.
(BMcC/GK)
However, as Alan Bridle from the Bank of Ireland was commenting on the latest survey of domestic property prices that showed a fall of 7.7% last year, Northern Bank was busy removing arrangement fees and reducing rates across all of its fixed rate and Base Rate Tracker mortgages.
They said this was a bid to stimulate activity in the local mortgage market.
The move is part of a new campaign challenging consumers to see if Northern Bank can reduce their mortgage repayments.
According to Mark Beattie, Head of Mortgages at the Northern, the challenge is designed to remove barriers to switching mortgages and to encourage consumers to compare prices to see if they could reduce their monthly repayments.
"We are in an excellent position to help all types of customers whether they are looking for a better deal, thinking of moving house or buying their first home," he said.
The news helps lift the gloom as the Bank of Ireland expert predicted it would be the end of 2011 before NI will see the market bottoming out.
Alan Bridle was commenting on the University of Ulster's House Price Index that shows the region has yet to see a housing recovery.
He said the market has become increasingly lower priced with 92% of properties selling at or below £150,000 - while at the peak of the housing boom, less than 10% of properties went for below £150,000.
Mr Bridle said the market faces "further headwinds in the next 12 months, both on the demand and supply sides".
The quarterly survey, produced in partnership with the Bank of Ireland and the NI Housing Executive, polled 110 estate agents around Northern Ireland for the final quarter of last year and found that the overall average price of a house was £149,795.
House sale figures continued to fall, with a sample of 684 transactions in the fourth quarter compared to 795 in the third quarter and 1,009 in the second.
The authors of the report, Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton said the difficult second half of 2010 contrasted with "tentative signs of recovery" in the first half of the year.
(BMcC/GK)
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18 August 2009
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House price growth to slow in 2002
The property market is set to experience a slip in demand during 2002 according to leading UK mortgage lender Nationwide and a twice-yearly survey by the CBI and property advisers GVA Grimley. The Nationwide review of 2001 revealed that UK house prices grew significantly during 2001 despite the global economic slowdown.
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The property market is set to experience a slip in demand during 2002 according to leading UK mortgage lender Nationwide and a twice-yearly survey by the CBI and property advisers GVA Grimley. The Nationwide review of 2001 revealed that UK house prices grew significantly during 2001 despite the global economic slowdown.
31 July 2009
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03 August 2001
Halifax report house price rises dip in July
Rampant house price rises at the start of the year have shown their first dip according to a new survey released by the Halifax. In July the average house price rise dropped off to 0.7 percent, which has been interpreted as the first sign that the early year rises of almost 11 per cent may be tailing off.
Halifax report house price rises dip in July
Rampant house price rises at the start of the year have shown their first dip according to a new survey released by the Halifax. In July the average house price rise dropped off to 0.7 percent, which has been interpreted as the first sign that the early year rises of almost 11 per cent may be tailing off.
21 November 2005
Small rise in UK house prices
According to the latest figures from the Office of the Deputy Prime Minister, house prices in September rose for the first time in six months. UK annual house price inflation in September 2005 was 3.3% up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% cent in August 2005.
Small rise in UK house prices
According to the latest figures from the Office of the Deputy Prime Minister, house prices in September rose for the first time in six months. UK annual house price inflation in September 2005 was 3.3% up from 2.8% in August 2005. Annual house price inflation in London was 1.9% in September 2005, up from 0.8% cent in August 2005.
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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.
