Menu
15/09/2011
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.
RICS spokesman Tom McClelland said that the media was still dominated by economic uncertainty and rising living costs.
He commented: "They are clearly having their bearing on the local housing market".
"With economic news the world over dramatically bad in August, there is little surprise that activity and sentiment in the housing market have been impacted."
The survey's price balance, the lowest level since November 2010, stands at minus 51 points. This figure is calculated by deducting the number of chartered surveyors who claim prices have dropped in the past three months from those who maintain prices have increased.
Head of lending products at Ulster Bank, Derek Wilson, said that although prices have dropped, demand from first time buyers is still strong.
This news comes after another survey conducted by a recruitment agency, revealed Northern Ireland had the worst employment prospects in the UK and record numbers of people remain out of work.
See: NI Has Worst Job Prospects In UK.
(JG/DW)
The report by RICS and Ulster Bank also found that transaction volumes remained static in August.
RICS spokesman Tom McClelland said that the media was still dominated by economic uncertainty and rising living costs.
He commented: "They are clearly having their bearing on the local housing market".
"With economic news the world over dramatically bad in August, there is little surprise that activity and sentiment in the housing market have been impacted."
The survey's price balance, the lowest level since November 2010, stands at minus 51 points. This figure is calculated by deducting the number of chartered surveyors who claim prices have dropped in the past three months from those who maintain prices have increased.
Head of lending products at Ulster Bank, Derek Wilson, said that although prices have dropped, demand from first time buyers is still strong.
This news comes after another survey conducted by a recruitment agency, revealed Northern Ireland had the worst employment prospects in the UK and record numbers of people remain out of work.
See: NI Has Worst Job Prospects In UK.
(JG/DW)
Related Northern Ireland News Stories
Click here for the latest headlines.
14 November 2024
Other News In Brief
Belfast's St George's Market Hosts Festive Christmas Twilight Market Get ready for some festive cheer! St George's Market in Belfast is hosting its annual Christmas Twilight Market on Tuesday 26th and Wednesday 27th November from 4pm to 11pm. The market will be transformed into a winter wonderland with twinkling lights and a lively atmosphere.
Other News In Brief
Belfast's St George's Market Hosts Festive Christmas Twilight Market Get ready for some festive cheer! St George's Market in Belfast is hosting its annual Christmas Twilight Market on Tuesday 26th and Wednesday 27th November from 4pm to 11pm. The market will be transformed into a winter wonderland with twinkling lights and a lively atmosphere.
14 November 2024
Belfast Christmas Market Announces Dublin Express As Official Travel Partner
Belfast Christmas Market is set to celebrate its 20th anniversary in style, with the announcement of Dublin Express as its official travel partner. Opening its gates on November 16th at 12 noon, the market is expected to attract over a million visitors.
Belfast Christmas Market Announces Dublin Express As Official Travel Partner
Belfast Christmas Market is set to celebrate its 20th anniversary in style, with the announcement of Dublin Express as its official travel partner. Opening its gates on November 16th at 12 noon, the market is expected to attract over a million visitors.
12 November 2013
'No Change' In House Prices
Overall there has been "no change" in Northern Ireland house prices throughout the month of October, according to a report. A survey by the Royal Institute of Chartered Surveyors (RICS) and the Ulster Bank found 52% of respondents said there had been "no change" in prices.
'No Change' In House Prices
Overall there has been "no change" in Northern Ireland house prices throughout the month of October, according to a report. A survey by the Royal Institute of Chartered Surveyors (RICS) and the Ulster Bank found 52% of respondents said there had been "no change" in prices.
14 September 2017
NI Housing Market Remained 'Buoyant' In August - Survey
The housing market in Northern Ireland remained "buoyant" in August, according to a new survey. The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey revealed NI recorded the strongest growth across the UK for house prices.
NI Housing Market Remained 'Buoyant' In August - Survey
The housing market in Northern Ireland remained "buoyant" in August, according to a new survey. The Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey revealed NI recorded the strongest growth across the UK for house prices.
30 June 2010
Further Fall For NI House Prices
House prices continue to fall in Northern Ireland, a new survey has revealed. Figures released by the Nationwide building society indicate that the housing market in NI is the weakest of any in the UK. Prices have dropped by 5.7% during the second quarter of 2010, compared to a 1% drop in the first three months, the report found.
Further Fall For NI House Prices
House prices continue to fall in Northern Ireland, a new survey has revealed. Figures released by the Nationwide building society indicate that the housing market in NI is the weakest of any in the UK. Prices have dropped by 5.7% during the second quarter of 2010, compared to a 1% drop in the first three months, the report found.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
