Menu
15/11/2007
Sales Falter As Average House Cost Tops £250,000
Some of the most up-to-date statistics on the local housing market have demonstrated what most people already knew, that Northern Ireland's property price boom has peaked.
The University of Ulster report shows the number of houses being sold fell sharply from July to September this year.
It also showed that the average annual rate of growth has also slowed but still remains substantial showing a 40% increase in the previous year.
The survey also revealed that despite the cooling market, house prices are continuing to rise and the average price of a house has passed the £250,000 mark.
Stanley McGreal, one of the report's authors, said that it represented a watershed for the housing market.
"There has been a clear change of sentiment reflected not only by the reduced rate of growth but a significantly lower sales volume, down by a third compared to the same quarter in 2006," he said.
"In essence, there are still high price levels but much lower growth rates and considerably reduced sales activity."
The Housing Executive's Head of Research, Joe Frey, said there was as yet no evidence of significant falls in actual house prices.
"First-time buyers in Northern Ireland are therefore going to continue to become an increasingly rare species for the foreseeable future," he added.
(BMcC)
The University of Ulster report shows the number of houses being sold fell sharply from July to September this year.
It also showed that the average annual rate of growth has also slowed but still remains substantial showing a 40% increase in the previous year.
The survey also revealed that despite the cooling market, house prices are continuing to rise and the average price of a house has passed the £250,000 mark.
Stanley McGreal, one of the report's authors, said that it represented a watershed for the housing market.
"There has been a clear change of sentiment reflected not only by the reduced rate of growth but a significantly lower sales volume, down by a third compared to the same quarter in 2006," he said.
"In essence, there are still high price levels but much lower growth rates and considerably reduced sales activity."
The Housing Executive's Head of Research, Joe Frey, said there was as yet no evidence of significant falls in actual house prices.
"First-time buyers in Northern Ireland are therefore going to continue to become an increasingly rare species for the foreseeable future," he added.
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
26 November 2024
Ergo Invests £4.5m In New Belfast Office And Creates 40 Jobs
A leading IT solutions provider has invested £4.5 million into a new Belfast office which will create 40 high-quality jobs over three years. Ergo's new office in Clockwise, River House, near Belfast's Cathedral Quarter supports its strategy of driving economic growth, job creation, and tech exports from Northern Ireland.
Ergo Invests £4.5m In New Belfast Office And Creates 40 Jobs
A leading IT solutions provider has invested £4.5 million into a new Belfast office which will create 40 high-quality jobs over three years. Ergo's new office in Clockwise, River House, near Belfast's Cathedral Quarter supports its strategy of driving economic growth, job creation, and tech exports from Northern Ireland.
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.
27 August 2002
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
UK house price rise slows to more 'realistic pace'
The rapid rise in UK house prices has slowed to a more realistic pace according to the latest report from market analysts Hometrack. The analysts found that the price of the average house in the UK rose by 0.7% in August, which Hometrack attributed to a "reality check" in the market. Previously in May there was a staggering one-month rise of 2.6%.
05 December 2006
NI house prices rise dramatically
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
NI house prices rise dramatically
House prices in Northern Ireland are now rising at more than 32% a year, according to a survey of local residential property sales.
30 September 2010
House Prices Rising, But Trend Still Down
There has been conflicting evidence on local property prices - which rose 1.6% during the past three months - but was still not enough to offset previous falls. Nationwide said of Northern Ireland "the annual rate of house price falls actually accelerated from 5.2% to 11.1%".
House Prices Rising, But Trend Still Down
There has been conflicting evidence on local property prices - which rose 1.6% during the past three months - but was still not enough to offset previous falls. Nationwide said of Northern Ireland "the annual rate of house price falls actually accelerated from 5.2% to 11.1%".
-
Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
