Landlord News

House Prices Decline in Northern Ireland

It has been revealed that Northern Irish house prices have declined by almost a tenth in the last year. This news comes from figures analysed by the Department of Social Development.
 
They have found that the average price for a house between July and September 2011 stood at £152,900, whereas in the same period in 2010 the price stood at £168,200.

Furthermore, in Q3 2011, just 253 houses were sold compared to 387 in the same period one year previous. The average selling price of National House Building Council (NHBC) registered new houses stood at £152,900 in Q3 2011 which represents a decrease of 9.3%, which in monetary terms is £15,600, on the same quarter in 2010.

The average price of a home in Northern Ireland in Q3 2006 was £159,900, however, in 2007, during the peak quarter between April and June, the average price for a house was £216,400.

The data that has been compiled for new house sales and prices has been derived from transactions for the new properties that were notified by solicitors to the NHBC.
 
The NHBC registered builders report for a very high proportion of newly built properties, although their coverage is still limited as it is less comprehensive in rural areas of the country.
 
Furthermore, the figures were taken from the Northern Ireland Housing Bulletin. These figures include sales of new houses and flats during the third quarter of 2011, and were published earlier this week on Tuesday 24th January.