30/09/2010

House Prices Rising, But Trend Still Down

There has been conflicting evidence on local property prices - which rose 1.6% during the past three months - but was still not enough to offset previous falls.

Nationwide said of Northern Ireland "the annual rate of house price falls actually accelerated from 5.2% to 11.1%".

That meant the building society was a bit surprised as the latest figures meant NI was on one hand the best-performing region in its survey - but on the other, the trend was still falling.

Nationally, June presented a picture of broad stability with prices inching up by a seasonally adjusted 0.1% month-on-month, following a 0.5% increase in May.

The latest index from Nationwide showed a smoother quarter-on-quarter rate of change that rose marginally from 1.7% to 1.8%.
News Image
By contrast, the annual rate of house price inflation dropped for the second consecutive month from 9.8% to 8.7%, reflective of the fact that house prices were increasing at a faster pace this time last year, it also shows.

The South West of the UK showed strongest regional growth over the quarter while London has the strongest growth overall.

Overall UK house prices increased with the annual growth rate being 9.5%, up from 8.8% recorded in the first quarter of 2010.

The index also shows that annual house price growth in Scotland picked up from 5.6% in the first quarter to 7.2%, but remained below the UK average.

Quarterly price growth in Wales was similar to the rest of the UK, with a 1.8% rise in the quarter. However, on an annual basis, Wales was the second weakest region with prices up only 4.7% year-on-year.

Northern Ireland was also the only region in its survey where housing market activity had declined in the past year.

In London, the number of house purchase loans rose 42% year-on-year, but Northern Ireland saw a 2% fall.

Nationwide said Belfast was the strongest area of Northern Ireland's housing market, with prices down 4% year-on-year.

(BMcC/GK)

Related Northern Ireland News Stories
Click here for the latest headlines.

11 October 2019
Youths Have Their Say On World Mental Health Day
More than 70 young people in integrated education across Northern Ireland united to have their say on mental health issues at a conference to mark World Mental Health Day on Thursday.
15 October 2019
NI Secure Win Over Czech Republic
Northern Ireland enjoyed a 3-2 win against the Czech Republic at their friendly in Prague on Monday evening. The game marks the first away win in a friendly for Michael O'Neill's men since August 2006.
15 October 2019
Parties Split Over Citizenship Rights Case
A tribunal ruling deeming people born in Northern Ireland as British citizens, even if they identify as Irish, has sparked discourse throughout the political community. The high-profile case of Emma DeSouza was taken to an immigration tribunal after the NI woman won a case against the Home Office in 2017.
15 October 2019
25,000 Free Books Distributed To School Children
Every primary one child across Northern Ireland is set to receive a free reading pack this Autumn as a new school author tour series kicks off. The scheme, delivered by the UK's largest children's reading charity BookTrust, will focus on Marta Altés, author and illustrator of 'Little Monkey'.
11 October 2019
Other News In Brief
NI Suffer Dutch Defeat In Euro Qualifiers Northern Ireland fell at the hands of Ronald Koeman's Dutch side in a European qualifying match in Rotterman on Thursday evening. Michael O'Neill's men suffered a last minute 3-1 defeat after having taken the lead in the 75th minute with a Josh Magennis header.