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Northern Ireland house prices continue to fall

Despite indications that the UK housing market is showing signs of recovery the same cannot be said of Northern Ireland where prices are still falling at a substantial rate. Amid claims that the average UK property value rose by 1.1% in the second quarter of 2009 the same period in Northern Ireland showed a fall of 4.7%. So why the big difference?

When you consider that the average house in Northern Ireland is now valued at around £136,000, a fall of 26% over the last 12 months, the situation does on the surface looked bleak. However it is worth remembering that between 2006 and 2007 the average house price in Northern Ireland ballooned by 79% compared to just 17% for the same period in the UK. Due to a number of political issues and economic benefits, houses were changing hands at nine times average income which was in no way sustainable.

The bursting of the Northern Ireland property bubble may carry on for some time yet amid concerns that those who entered the market at the top will be feeling the financial heat for many years to come. As for the economy in Northern Ireland the immediate outlook is not good and appears to be totally detached from the rest of the UK.

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