Northern Ireland property market fragile
It would appear that hopes of a short to medium-term recovery in the Northern Ireland property market may well be dashed with news that property prices fell by 2.5% in the second quarter of 2010 compared to the first quarter. While the year on year increase compared to the same period last year was still a positive 2.4% it is the ongoing slow down which is causing major concern.
The average property in Northern Ireland is now valued at £163,459 although interestingly 61% of properties on the market are selling at £150,000 or below. In a further bizarre twist it was also revealed that the price of different types of property have fluctuated enormously over the year with terraced and townhouses falling by 11.9% while detached houses have increased by 18.8% over the year.
This massive divergence in performance is almost unbelievable but yet again perfectly illustrates the very difficult and unpredictable property market of today. It also highlights the fact that buyers are being very selective in their choice of properties and, with house prices across the board showing signs of weakness, the ongoing recovery in the Northern Ireland property market is fragile to say the least.
Share this..
Related stories
Property slowdown 'could hit first time buyers'
Contrary to some hopes that a slowdown in the property market could result in more people being able to get onto the bottom rung of the ladder, it has been claimed that the current circumstances could be bad news for first time buyers.Lucian Cook, director of research at Savills, warned that first time buyers are unlikely to benefit immediately from a slowdown in property prices and the global cre...
Read MoreHousing market slowing down
29/07/2014 The UK housing market finally appears to be slowing down as seven of the 10 regions in England and Wales recorded a month-on-month fall in house prices, according to the Land Registry. However, despite price reductions in more than half of the regions in England and Wales, the overall average house price remained unchanged from May to June 2014. The data showed that the biggest...
Read MoreManchester Property Market Set For A Boost
While it may be doom and gloom in many regional property markets around the UK, the signs for various regions on the outskirts of Manchester are looking a little rosier today. The government has announced plans to increase the scope of the City’s tram system and extend the service to Chorlton, Rochdale and Oldham. This is on top of the Droylsden extension which has already been...
Read MoreHips delayed until August 1st
The government has put the introduction of its controversial home information packs (Hips) scheme back by two months until August 1st.Communities secretary Ruth Kelly announced the delay, which follows a complaint lodged at the high court by the Royal Chartered Institute of Surveyors (Rics) in the House of Commons to howls of laughter from opposition MPs.The Conservatives say the government is in...
Read MoreLiving in a sellers' paradise
In the tug-of-war over where to place the cost of moving, Woolwich has shown that sellers are currently winning out over buyersSavvy sellers have wised up to the fact that estate agents are desperate for quality housing stock and have been negotiating fees to that effect.Where the cost of moving was £5,181 last year, sellers have managed to knock about ten per cent off the pricetag and can now re...
Read More