The latest RICS (Royal Institution of Chartered Surveyors) and Ulster Bank Housing Market Survey has highlighted the impact of the Eurozone crisis on Northern Ireland property sales.
It revealed that NI house prices have continued falling in November, with 46% of surveyors reporting a price decrease over the month. It concluded that the peak prices of 2007 have ‘disappeared for a generation’.
In spite of this news, transactions appear to have increased. Tom McClelland, RICS Northern Ireland spokesman, stated ‘There is strong evidence that where homes are priced correctly to reflect 2011 sentiment and the ability of buyers in the market, sales are being achieved.’
There is positive market activity with properties priced below £120,000, but above that the market continues to struggle.
Peak house prices 'have gone for a generation' in Northern Ireland - Belfast Telegraph