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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.
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)
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.
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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According to an expert who predicted the 'crash' of two years ago, NI property prices have further to fall. Jonathan Davis, a financial planner based in the City of London, told the Belfast News Letter last night that property here remained severely over-valued in relation to incomes, and that buyers should be "wary of talk of green shoots".
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NI House Prices Continue To Plummet
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
