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20/02/2008
Property Boom Over?
Those selling their homes have 'missed the boat' - according to a new survey - and even those buyers hoping to cash in on a downturn in the market are still struggling.
Last year's hugely inflated rise in house prices across Northern Ireland faltered during the last part of 2007, leaving sellers who failed to cash-in on the boom - which was adding hundreds of pounds to property values daily - now struggling to sell as prices 'stabilise'.
However, the fall in the last quarter of 2007 - which saw the average price of a house in Northern Ireland drop by an astounding £20,000 - hasn't been enough to entice many struggling first time buyers.
Even with the fall, the end of 2007 the average house was £230,000 compared with a peak last summer of £250,000, still too much for many to cover with a mortgage.
The latest University of Ulster Quarterly House Price Index confirms that the boom in house prices is slowing down.
Although still higher than during the same period in 2006, house prices fell in the final quarter of 2007.
According to the report's authors - Professor Alastair Adair, Professor Stanley McGreal and Louise Brown of the University of Ulster - the end of year survey showed a housing market in transition.
Mrs Brown said: "Although price levels are still significantly higher than at this stage last year, the final quarter of 2007 saw price levels come down and the volume of transactions fall, particularly in the second-hand market."
The university's survey, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, is the broadest-based and most authoritative of all those undertaken in Northern Ireland. It covers some 117 estate agencies.
The economist Alan Bridle, of the Bank of Ireland, said the housing market had "hit a brick wall" in the final months of 2007 and there was the possibility that the average price could fall by 5% to 10% over the 12 months in 2008.
Most house types showed a drop in retail price at the end of last year.
Terraced and town houses were down by 6%, semi-detached houses by 7.3%, detached houses by 8.1% and semi-detached bungalows by 4.1%.
However, new-build apartments bucked the trend by rising 6.6% while detached bungalows showed a marginal 0.2% increase.
(BMcC)
Last year's hugely inflated rise in house prices across Northern Ireland faltered during the last part of 2007, leaving sellers who failed to cash-in on the boom - which was adding hundreds of pounds to property values daily - now struggling to sell as prices 'stabilise'.
However, the fall in the last quarter of 2007 - which saw the average price of a house in Northern Ireland drop by an astounding £20,000 - hasn't been enough to entice many struggling first time buyers.
Even with the fall, the end of 2007 the average house was £230,000 compared with a peak last summer of £250,000, still too much for many to cover with a mortgage.
The latest University of Ulster Quarterly House Price Index confirms that the boom in house prices is slowing down.
Although still higher than during the same period in 2006, house prices fell in the final quarter of 2007.
According to the report's authors - Professor Alastair Adair, Professor Stanley McGreal and Louise Brown of the University of Ulster - the end of year survey showed a housing market in transition.
Mrs Brown said: "Although price levels are still significantly higher than at this stage last year, the final quarter of 2007 saw price levels come down and the volume of transactions fall, particularly in the second-hand market."
The university's survey, produced in partnership with Bank of Ireland and the Northern Ireland Housing Executive, is the broadest-based and most authoritative of all those undertaken in Northern Ireland. It covers some 117 estate agencies.
The economist Alan Bridle, of the Bank of Ireland, said the housing market had "hit a brick wall" in the final months of 2007 and there was the possibility that the average price could fall by 5% to 10% over the 12 months in 2008.
Most house types showed a drop in retail price at the end of last year.
Terraced and town houses were down by 6%, semi-detached houses by 7.3%, detached houses by 8.1% and semi-detached bungalows by 4.1%.
However, new-build apartments bucked the trend by rising 6.6% while detached bungalows showed a marginal 0.2% increase.
(BMcC)
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10 November 2008
40% Off 2007 Peak House Prices, Says Ulster Bank
Forty percent will be wiped off Northern Ireland house prices - from their August 2007 peak - by the end of next year, it has been claimed. Ulster Bank made the prediction in a recent assessment of the Northern Ireland economy.
40% Off 2007 Peak House Prices, Says Ulster Bank
Forty percent will be wiped off Northern Ireland house prices - from their August 2007 peak - by the end of next year, it has been claimed. Ulster Bank made the prediction in a recent assessment of the Northern Ireland economy.
15 January 2008
Home Sales Turnaround Coming?
The rapidly cooling housing market may be getting a boost with predictions that house sales in Northern Ireland are set to increase this year - confounding predictions of a slump.
Home Sales Turnaround Coming?
The rapidly cooling housing market may be getting a boost with predictions that house sales in Northern Ireland are set to increase this year - confounding predictions of a slump.
28 February 2007
Northern Ireland house prices countinue to rise
Northern Ireland’s property prices rocketed by 37% last year, leading to speculation that the market could slow significantly this year. The University of Ulster latest Quarterly House Price Index has found average house prices would rise by around 15% in 2007.
Northern Ireland house prices countinue to rise
Northern Ireland’s property prices rocketed by 37% last year, leading to speculation that the market could slow significantly this year. The University of Ulster latest Quarterly House Price Index has found average house prices would rise by around 15% in 2007.
11 August 2009
House Prices Fall 'To Continue'
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".
House Prices Fall 'To Continue'
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".
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".
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".
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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.
