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18/11/2008
Under 700 NI House Sales Recorded
A mere 670 Northern Ireland homes were sold during the summer it has been revealed.
And according to the University of Ulster's House Price Report - published in conjunction with the Housing Executive and Bank of Ireland - there could be worse to come. Figures for the third quarter of this year - stretching from July to September - show house purchases were down more than half compared to the same period in 2007.
Prices also plunged during the third quarter by around three percent, a total of 15% down year-on-year.
Economist have now predicted the average house price in Northern Ireland could nosedive from £203,775 to £175,000, by next year.
The average home in the province now costs £203,775, a stark drop from peak prices of more than £250,000 last year.
Bungalows appear to be sustaining the most dramatic drop in values, with some wiping 30% off their price tags. Semi-detached bungalows also down by around 28%.
However, apartments, which comprised a third of recent sales, have seen prices climb by as much as 10%.
Alastair Adair, Stanley McGreal and Louise Brown, who compiled the new report, said the results illustrate the grip of the credit crunch one year in.
"The impact has been severe on the local housing market with prices down considerably.
"In addition, the volume of transactions has been eroded further, notably in the resale market where many sellers are adopting a wait and see approach," they said.
Bank of Ireland Economist Alan Bridle said: "Northern Ireland's journey to more affordable housing continues in terms of the ratio of house prices to earnings – a welcome development for many – but the price reductions to date have not been accompanied by an increase in market activity."
Mr Bridle suggested prices could continue to fall.
"We could see a decline towards £175,000 in the average house price during the first half of next year," he hinted.
(PR)
And according to the University of Ulster's House Price Report - published in conjunction with the Housing Executive and Bank of Ireland - there could be worse to come. Figures for the third quarter of this year - stretching from July to September - show house purchases were down more than half compared to the same period in 2007.
Prices also plunged during the third quarter by around three percent, a total of 15% down year-on-year.
Economist have now predicted the average house price in Northern Ireland could nosedive from £203,775 to £175,000, by next year.
The average home in the province now costs £203,775, a stark drop from peak prices of more than £250,000 last year.
Bungalows appear to be sustaining the most dramatic drop in values, with some wiping 30% off their price tags. Semi-detached bungalows also down by around 28%.
However, apartments, which comprised a third of recent sales, have seen prices climb by as much as 10%.
Alastair Adair, Stanley McGreal and Louise Brown, who compiled the new report, said the results illustrate the grip of the credit crunch one year in.
"The impact has been severe on the local housing market with prices down considerably.
"In addition, the volume of transactions has been eroded further, notably in the resale market where many sellers are adopting a wait and see approach," they said.
Bank of Ireland Economist Alan Bridle said: "Northern Ireland's journey to more affordable housing continues in terms of the ratio of house prices to earnings – a welcome development for many – but the price reductions to date have not been accompanied by an increase in market activity."
Mr Bridle suggested prices could continue to fall.
"We could see a decline towards £175,000 in the average house price during the first half of next year," he hinted.
(PR)
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05 December 2006
NI house prices rise dramatically
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
NI house prices rise dramatically
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06 December 2004
NI housing market ‘holding up’
Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices. The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
NI housing market ‘holding up’
Northern Ireland’s housing market is holding up and unlike other parts of the UK has yet to experience any reversal, according to the region’s most authoritative survey of house prices. The latest University of Ulster Quarterly House Price Index reveals that the annual rate of growth in house prices in the third quarter of this year was 9.85%.
01 March 2004
NI average house prices stay the same
Average house prices in Northern Ireland have remained static, according to latest figures released today. According to the latest Quarterly House Price Index in the final quarter of 2003, the annual rate of house price inflation stayed at a relatively modest 6.8%.
NI average house prices stay the same
Average house prices in Northern Ireland have remained static, according to latest figures released today. According to the latest Quarterly House Price Index in the final quarter of 2003, the annual rate of house price inflation stayed at a relatively modest 6.8%.
27 August 2002
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
14 January 2014
House Prices Rise Significantly
House prices in Northern Ireland have experienced the biggest rise since the economic downturn, according to the December Royal Institute of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey for Northern Ireland.
House Prices Rise Significantly
House prices in Northern Ireland have experienced the biggest rise since the economic downturn, according to the December Royal Institute of Chartered Surveyors (RICS) and Ulster Bank Housing Market Survey for Northern Ireland.
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Northern Ireland WeatherThis Evening and 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.
