House prices continue to fall in North
House prices in the North are down by as much as 70% from their peak, it was revealed.
The bottom of the market may not be too far off as costs continue to fall, the Royal Institution for Chartered Surveyors (RICS) said.
The number of house sales was up, according to most surveyors who took part in the study.
RICS Northern Ireland spokesman Tom McClelland said: “Recent auction results and repossession sales show that in some instances selling prices are down 65-70% from peak price, which hints that the bottom of the market may not be too far off.”
He said transaction volumes are picking up, reflecting the spring market when sales start to improve but there are risks due to economic uncertainty and fears about job security.
Mr McClelland added: “I think the key theme for this year is not to expect the unexpected. Average prices will continue to come under pressure, though the view is that this will be less so in the greater Belfast and Lisburn areas than elsewhere.”
A total of 53% of those who responded to the February survey reported that prices are the same and 47% reported them falling.
