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.

19 March 2020
Head Teachers Union Welcomes School Closures
The National Association of Head Teachers has welcomed the news that all schools in Northern Ireland will close from Friday.
12 March 2020
Budget: Extra £210m For NI Public Services
Business and political leaders have been giving their reactions to the Budget, with an extra £210 million allocated for public services in Northern Ireland. The Chancellor, Rishi Sunak, yesterday pledged a £12 billion package of measures aimed at tackling the spread of coronavirus across the UK.
10 March 2020
Coronavirus Closes Schools & Belfast Call Centre
The coronavirus outbreak has caused the temporary closure of two schools and a Halifax call centre. The business in the Belfast Gasworks area closed for deep cleaning today, Tuesday 10 March, after a colleague was diagnosed with Covid-19. It's understood employees have been told not to attend work at the south Belfast site.
23 March 2020
NI Hospice Chief In Call For Vital Supplies
The Northern Ireland Hospice is demanding intervention by the Northern Ireland Executive to ensure provision of vital supplies for palliative care services. Hospice chief Heather Weir said they are facing difficulties accessing protective equipment for both the Adult and Children's Hospice.
13 March 2020
Errors & Omissions Behind Botched RHI Scheme
Multiple errors and omissions were behind the botched cash for ash renewable energy scandal, a public inquiry has found. Published on Friday, the RHI Inquiry found that the scheme was a "project too far".