Average house prices in NI at five year low

A report from the University of Ulster has shown that the average house price in Northern Ireland has fallen below £150,000 for the first time in five years.  The average house price has been calculated at £148,243, down from £163,459 in the previous quarter and figures also show that the property market has recorded a 7.6% drop in prices from the same time last year. 

The authors of the report, Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton, said the downturn in figures highlighted the challenges facing the market.  Professor Alastair Adair said: "The significant fall in house prices stems from a current lack of confidence in the market, possibly reflecting concerns about public spending cuts and their impact on jobs in a region highly dependent on public sector employment."

Signs of a slight recovery in the market found earlier in the year have been put on hold or even reversed by these figures.