NI House Prices Spiral Downwards

The average price of a house in Northern Ireland has fallen by more than 10% in the last year, the worst rate in the whole of the UK.

A figure of 10.7% was released by the Office for National Statistics, which said Northern Ireland had "experienced strong falls in house prices since 2008".

And a new survey gave an even bleaker overview, showing house prices have been slashed in half since December 2007 and are now at pre-2005 levels.


The first figures released from the Northern Ireland Residential Property Price Index, based on sales and tax data, estimated the fall in house prices in the last year may be as much as 13%.

But the research also recorded increased activity, with a 9% increase in sales in the first quarter of 2012 as people move to take advantage of low prices.

Northern Ireland Finance Minister Sammy Wilson said: "These statistics include analysis of the first three months of this year and show that residential prices have continued to fall. While I appreciate the concern of some who purchased at the peak of the market, it is good news now for first-time purchasers and those wishing to move up in a much more affordable housing market in Northern Ireland."

(NE)