10/03/2010

NI House Prices 'Still Falling'

House prices are continuing to fall across Northern Ireland, new figures have revealed.

The latest survey from the Royal Institution of Chartered Surveyors (RICS) showed that house sales are increasing but are still some distance from reaching "normal levels".

"The housing market, like the economy, is in recovery mode," said RICS Northern Ireland housing spokesman, Tom McClelland.
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"However, like the economy, recovery in the housing market is going to be slow. Housing transaction levels, which are the most important factor in the housing market recovery, are rising, but at a marginal rate, and are still a long way off what you could call normal levels."

House prices are estimated to have fallen by around 40% in Northern Ireland, since the 2007 property boom.

Mr McClelland continued: "In terms of prices, there continues to be some movement, but we anticipate that average house prices will be broadly flat over the course of the next couple of years.

"However, there will be variations and there are risks."

(NS/BMcC)

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