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