Northern Ireland House Prices Decline

The average house price in Northern Ireland fell by 7.7% last year according to the latest University of Ulster Quarterly House Prince Index. The market has become increasingly lower priced with 92% of properties selling at or below £150,000. At the peak of the housing boom, less than 10% of properties went for below £150,000.

Performance across different types of property was highly variable, partly reflecting the small volumes of transactions in each property segment.

The annual performance – comparing quarter four 2010 with quarter four 2009 – showed that terraced/townhouses fell by 21.1%; semi-detached bungalows dropped 17%; semi-detached houses were down 9.6%; and detached bungalows fell 4.5%. Apartments showed an annual increase of 7.1% while detached houses went up marginally by 0.4%

Household incomes are falling in real terms and interest rates are likely to rise while, in reality, funding and regulatory pressures across the UK market will mean little change in the pattern of mortgage activity in the short-term. 

People believe that varies factors contribted to the decline in house prices last year such as the economy, job cuts and the severe weather.

Is 2011 going to be a better year for the Northern Ireland Property Market....I hope so.