12/04/2011
House Prices Falling In NI
According to a survey by the Royal Institution of Chartered Surveyors (RICS), house prices in Northern Ireland will continue to fall this year.
The report by RICS and Ulster Bank shows prices are expected to fall over the next three months.
Reduced household incomes and a growing number of house repossessions are responsible for the dip in the market, according to RICS.
However, falling prices have led to an increase in house sales and the RICS recorded a rise in the number of properties sold during the last three months.
RICS housing spokesman, Tom McClelland, said: "It is clear that consumer confidence remains low due to high inflation, as well as the measures that have been put in place to deal with the UK deficit and due to the general economic environment.
"Household incomes are falling in real terms, and interest rates will rise, but will likely still be very low in historic terms for some time.
"However, where asking prices are realistic, sales will take place, and this will continue to be the case."
Mr McClelland added that some sectors of the market are seeing steady activity such as houses priced under £125,000 and keenly priced new build houses.
(JG/GK)
The report by RICS and Ulster Bank shows prices are expected to fall over the next three months.
Reduced household incomes and a growing number of house repossessions are responsible for the dip in the market, according to RICS.
However, falling prices have led to an increase in house sales and the RICS recorded a rise in the number of properties sold during the last three months.
RICS housing spokesman, Tom McClelland, said: "It is clear that consumer confidence remains low due to high inflation, as well as the measures that have been put in place to deal with the UK deficit and due to the general economic environment.
"Household incomes are falling in real terms, and interest rates will rise, but will likely still be very low in historic terms for some time.
"However, where asking prices are realistic, sales will take place, and this will continue to be the case."
Mr McClelland added that some sectors of the market are seeing steady activity such as houses priced under £125,000 and keenly priced new build houses.
(JG/GK)
Related Northern Ireland News Stories
Click here for the latest headlines.
13 February 2024
Lidl Plans Three New Stores In Bangor, Craigavon And Dungannon
Lidl Northern Ireland has launched plans for three new stores in Bangor, Craigavon and Dungannon, as part of their plans to enhance and expand its growing store network across the region.
Lidl Plans Three New Stores In Bangor, Craigavon And Dungannon
Lidl Northern Ireland has launched plans for three new stores in Bangor, Craigavon and Dungannon, as part of their plans to enhance and expand its growing store network across the region.
08 March 2024
DAERA Minister Calls For More Action On Household Recycling
Recycling must be an integral part of people's everyday lives regardless of where they are and what they are doing, if we are to reduce the amount of waste sent to landfill whilst recycling more, said DAERA Minister Andrew Muir.
DAERA Minister Calls For More Action On Household Recycling
Recycling must be an integral part of people's everyday lives regardless of where they are and what they are doing, if we are to reduce the amount of waste sent to landfill whilst recycling more, said DAERA Minister Andrew Muir.
26 March 2024
15-Year-Old Arrested Following Stabbing In Lisburn
A 15-year-old boy has been arrested in connection with the stabbing of a 14-year-old in the Knockmore Road area of Lisburn last night, Monday 25th March. Police have said that at approximately 7.40pm on Monday 25 March, a 14-year-old boy had been approached by a group of teenagers, before being stabbed in the lower back.
15-Year-Old Arrested Following Stabbing In Lisburn
A 15-year-old boy has been arrested in connection with the stabbing of a 14-year-old in the Knockmore Road area of Lisburn last night, Monday 25th March. Police have said that at approximately 7.40pm on Monday 25 March, a 14-year-old boy had been approached by a group of teenagers, before being stabbed in the lower back.
19 March 2024
Renewed Appeal For Help Tracing Paula Elliott
The PSNI have issued a fresh appeal for help in tracing the whereabouts of Paula Elliott, who was last seen on Tuesday, 05 March. The 52-year-old was last seen on CCTV cameras leaving the Sprucefield Court area of Lisburn at 5.30pm, before making her way to Warren Gardens at around 5.36pm.
Renewed Appeal For Help Tracing Paula Elliott
The PSNI have issued a fresh appeal for help in tracing the whereabouts of Paula Elliott, who was last seen on Tuesday, 05 March. The 52-year-old was last seen on CCTV cameras leaving the Sprucefield Court area of Lisburn at 5.30pm, before making her way to Warren Gardens at around 5.36pm.
19 March 2024
Appeal Following Petrol Bomb Attack In Banbridge
The PSNI have issued an appeal for information following a petrol bomb attack in Banbridge, in the early hours of Tuesday 19th March. It was reported that at around 2.10am on Tuesday morning, two petrol bombs were thrown at the back wall of a house in the Castlewellan Road area, causing scorch damage to the wall and a window frame.
Appeal Following Petrol Bomb Attack In Banbridge
The PSNI have issued an appeal for information following a petrol bomb attack in Banbridge, in the early hours of Tuesday 19th March. It was reported that at around 2.10am on Tuesday morning, two petrol bombs were thrown at the back wall of a house in the Castlewellan Road area, causing scorch damage to the wall and a window frame.