12/02/2013

NI House Prices Continue To Fall

Northern Ireland house prices continue to fall despite an increase in transactions, according to a new report.

The survey by the Royal Institute of Chartered Surveyers (RICS) and Ulster Bank revealed the overall pattern of declination was likely to remain for the foreseeable future.

While estate agents have reported increased property transactions, the final quarter of 2012 and the New Year period confirmed yet another slump in the already ailing market.

62% said transactions had increased, but while 54% expect them to continue rising over the next quarter, January's balance remains negative at -29.

RICS Northern Ireland housing spokesman Tom McClelland said: "We will see some seasonal adjustments in the market, but on the whole the overall pattern will remain largely the same for the foreseeable future due to the challenging micro and macroeconomic conditions.

"Average prices will likely edge lower, with transaction volumes likely to rise modestly. However, it is not a uniform picture and some areas and property types will have different experiences."

(IT/GK)

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

04 December 2020
Time To Plan For A New Future For Everyone - SF
Sinn Féin have said that it is time to "plan for a new future which will work for everyone", as they welcome the publication by Ireland's Future of its discussion paper 'The Conversation on Ireland's Future: A Principled Framework for Change'.
05 March 2020
Gas Prices Slashed By 21.5%
It's good news for thousands of bill payers across Northern Ireland as gas bills are set to fall for Firmus Energy customers. Around 46,000 people will see their price drop by 21.5% on 01 April, saving some domestic customers an estimated £135 per year.
03 December 2020
Vaccine News Allows Us To 'Look To The Future With Optimism And Patience'
Vaccines have saved millions of lives and changed our world, so the news of the UK's first regulatory approval for a Covid-19 vaccine is hugely significant, Chief Medical Officer Dr Michael McBride and Chief Scientific Advisor Professor Ian Young have said.
12 October 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.
20 February 2013
NI Property Prices Continue To Fall
Residential property prices continue to fall in Northern Ireland. Over the year to the end of December 2012, prices fell by 13%, according to the latest report by the Northern Ireland Statistics and Research Agency (NISRA). The Index measures change in the price of residential property sold in Northern Ireland.