Belfast House Prices Drop By £44,000

A recent report has found that the average house price in Belfast has slumped by over £44,000 in the last ten years.

In contrast, 19 of the UK's other main cities have seen property prices increase since the financial crisis struck.

Hometrack analysed the UK's 20 biggest cities and found that house prices increased by £100,000 or more in Bristol, Cambridge, Oxford and London.

In Belfast, house prices are more than £44,000 lower on average than they were in 2008, with the average of this year standing at £131,458.

Richard Donnell, insight director at Hometrack said that a fifth of UK homes being worth less than they were a decade ago displays the long-lasting impact of the financial crisis on the housing market.

"Many parts of the country, such as Northern Ireland, the north of England, Scotland and Wales, have had slow recoveries, especially compared to London, which bounced back within a couple of years of the crisis."

(JG)