Wednesday, 11 January 2012

PRICES CONTINUE TO DROP IN NORTHERN IRELAND


2012 marks the sixth year in a row of falling house prices, according to the Royal Institution of Chartered Surveyors (RICS). Their latest survey predicts that the first few months of the year would see prices continue to drop even if more transactions took place.

The average price of a house in Northern Ireland has fallen sharply from a 2007 peak of £240,408 to £139,651, says the University of Ulster’s November house price survey.

The trend in collapsing prices has been reported in RICS’s monthly survey ever since August 2007.

Nevertheless, Tom McClelland, RICS Northern Ireland spokesman, remained hopeful, expecting that ‘those who price their homes in line with the realities of the market will continue to achieve sales.’


Northern Ireland Housing Price Collapse Enters Sixth Year - Belfast Telegraph

Monday, 9 January 2012

2012 TO SEE FURTHER HOUSE PRICE STAGNATION


Nationwide has predicted that the relative stagnation in house prices in 2011 will continue into 2012.

Last year, the average house rose in value by 1%, but fell by 0.2% in December compared with the previous month. ‘2012 is not shaping up to be much better than 2011 for the UK economy or housing market’, said Nationwide’s chief economist Robert Gardner.

There was an 8.7% fall in prices in Northern Ireland over the last year, a stark contrast with the 5.5% rise seen in London.

Using its own mortgage data, Nationwide calculated that the average home is now worth £163.882.

‘With 2012 shaping up to be a brutal year for jobs and the economy,’ said Nicholas Ayre of Home Fusion, ‘even low interest rates will become less of a support. If the economy deteriorates significantly, house prices in the UK will come under further pressure.’


House Price Stagnation to Continue, Says Nationwide - BBC News