13/03/2012

NI House Prices Down 70%

House prices in Northern Ireland are continuing to plummet at an unprecedented rate according to recent figures.

The Royal Institute of Chartered Surveyors (RICS) have revealed that NI house prices are down as much as 65%- 70% since the 2007 property market boom.

Meanwhile RICS have said that the bottom of the housing market for the country may not be far off if prices continue to fall at this rate.

A total of 53% of those who responded to the February survey reported that prices are the same and 47% reported them falling.

The group did however report that the number of house sales was up reflecting the spring market when sales usually do start to improve.

A spokesperson for RICS said:"I think the key theme for this year is not to expect the unexpected.

"Average prices will continue to come under pressure, though the view is that this will be less so in the greater Belfast and Lisburn areas than elsewhere."

(LB)

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