House prices in Northern Ireland have seen an 11% drop from this time last year, marking the continuing decline of the local market.
The latest University of Ulster Quarterly House Price Index has revealed that the average price now stands at approximately £137,000.
Regionally, Lisburn performed better than the overall market in Northern Ireland, although the outlook is variable across different property types. Properties which fell least in price were terraced and semi-detached houses, whereas apartments had the steepest decline, with the average value falling by around one quarter.
Despite the sharp decline in value, NI sales rose in the final quarter of 2011. The report, produced by the NI Housing Executive and the Bank of Ireland, found that there were 960 transactions in the last three months of 2011, as opposed to the 684 for the same period the year before.
‘This year offers more of the same pattern,’ said Alan Bridle, the UK economist at Bank of Ireland UK, ‘as many households continue to face economic and financial headwinds that will inevitably constrain demand for house purchase and house finance.’
NI House Prices Continue to Fall - BBC News