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."


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

01 December 2020
New Online Tool To Help Businesses Navigate The End Of Transition
A new online tool to help services exporters prepare for the end of the transition period has been announced by Economy Minister Diane Dodds.
15 September 2011
Unemployment To Blame For Falling House Prices
High unemployment and budget cuts are being blamed for the falling house prices in Northern Ireland, according to a survey by the Royal Institution of Chartered Surveyors. The report by RICS and Ulster Bank also found that transaction volumes remained static in August.
30 September 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%".
01 November 2001
House prices begin to fall as slowdown bites
The UK's housing market has begun to respond negatively to the continuing economic slowdown and in the aftermath of the September 11 terrorist attacks on the United States. According to the latest figures from the Nationwide house prices fell by 0.5 per cent in October.
10 March 2010
NI House Prices 'Still Falling'
House prices are continuing to fall across Northern Ireland, new figures have revealed. The latest survey from the Royal Institution of Chartered Surveyors (RICS) showed that house sales are increasing but are still some distance from reaching "normal levels".