Menu
15/11/2007
Sales Falter As Average House Cost Tops £250,000
Some of the most up-to-date statistics on the local housing market have demonstrated what most people already knew, that Northern Ireland's property price boom has peaked.
The University of Ulster report shows the number of houses being sold fell sharply from July to September this year.
It also showed that the average annual rate of growth has also slowed but still remains substantial showing a 40% increase in the previous year.
The survey also revealed that despite the cooling market, house prices are continuing to rise and the average price of a house has passed the £250,000 mark.
Stanley McGreal, one of the report's authors, said that it represented a watershed for the housing market.
"There has been a clear change of sentiment reflected not only by the reduced rate of growth but a significantly lower sales volume, down by a third compared to the same quarter in 2006," he said.
"In essence, there are still high price levels but much lower growth rates and considerably reduced sales activity."
The Housing Executive's Head of Research, Joe Frey, said there was as yet no evidence of significant falls in actual house prices.
"First-time buyers in Northern Ireland are therefore going to continue to become an increasingly rare species for the foreseeable future," he added.
(BMcC)
The University of Ulster report shows the number of houses being sold fell sharply from July to September this year.
It also showed that the average annual rate of growth has also slowed but still remains substantial showing a 40% increase in the previous year.
The survey also revealed that despite the cooling market, house prices are continuing to rise and the average price of a house has passed the £250,000 mark.
Stanley McGreal, one of the report's authors, said that it represented a watershed for the housing market.
"There has been a clear change of sentiment reflected not only by the reduced rate of growth but a significantly lower sales volume, down by a third compared to the same quarter in 2006," he said.
"In essence, there are still high price levels but much lower growth rates and considerably reduced sales activity."
The Housing Executive's Head of Research, Joe Frey, said there was as yet no evidence of significant falls in actual house prices.
"First-time buyers in Northern Ireland are therefore going to continue to become an increasingly rare species for the foreseeable future," he added.
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
03 April 2024
Sexual Trauma Victims & Survivors Urged To Come Forward
In the wake of events surrounding Jeffrey Donaldson's resignation, a wave of emotions will undoubtedly be triggered across our community. "As an expert in sexual trauma, I want to first speak directly to any survivor of sexual trauma.
Sexual Trauma Victims & Survivors Urged To Come Forward
In the wake of events surrounding Jeffrey Donaldson's resignation, a wave of emotions will undoubtedly be triggered across our community. "As an expert in sexual trauma, I want to first speak directly to any survivor of sexual trauma.
08 March 2024
Electronic Travel Authorisation Scheme Threatens Tourism Growth
Economy Minister Conor Murphy has raised concerns over the introduction of the British Government Electronic Travel Authorisation (ETA) Scheme. Meeting with the NI Tourism Alliance (NITA), the Minister said that the scheme could threaten Northern Ireland's tourism growth.
Electronic Travel Authorisation Scheme Threatens Tourism Growth
Economy Minister Conor Murphy has raised concerns over the introduction of the British Government Electronic Travel Authorisation (ETA) Scheme. Meeting with the NI Tourism Alliance (NITA), the Minister said that the scheme could threaten Northern Ireland's tourism growth.
11 March 2024
Appeal Following Robbery And Attempted Hijacking In Belfast
PSNI detectives have issued an appeal for information and witnesses following a robbery and attempted hijacking in Belfast City Centre on Saturday, 09 March. It was reported to police, that at around 9.
Appeal Following Robbery And Attempted Hijacking In Belfast
PSNI detectives have issued an appeal for information and witnesses following a robbery and attempted hijacking in Belfast City Centre on Saturday, 09 March. It was reported to police, that at around 9.
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%.
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
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
-
Northern Ireland WeatherThis Evening and Tonight:Any showers dying out this evening. Then the rest of the night will be dry with variable amounts of cloud. Low cloud and fog developing in the early hours. Minimum temperature 10 °C.
