12/10/2011

NI House Prices Continue To Fall

According to a recent survey the Northern Ireland housing market has seen a slight improvement in September but it also suggested that house prices are continuing to fall.

Data collected by the Royal Institute of Chartered Surveyors (RICS) revealed that average house prices continued to fall after what is being described as a "difficult August" for the market.

Meanwhile it is predicted that house prices will continue to fall in the following months.
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Tom McClelland of RICS said houses were selling, but at prices not "seen for seven or eight years".

"Global economic news has taken another turn for the worse of late, which will likely have implications for the local economy in the months ahead," he said.

"Sellers who understand and accept where the market is are being successful and are finding buyers.

"The emphasis is on setting the right price."

A separate survey carried out by the Ulster Bank has revealed a steady increase in mortgage business in recent weeks from those seeking to re-mortgage, buy for the first time or trade up.

(LB/CD)

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