Just as they have been in the Republic, House prices in Northern Ireland are continuing to fall, a new survey has revealed.
The average price of a house is now 11 percent down on this time last year, according to the latest survey by the University of Ulster Quarterly House Price Index. The average price of a house now stands at £137,000.
The survey of 115 estate agents showed that of the properties that are selling, one third were priced below £100,000 and two thirds were sold for less than £150,000. Lisburn performed better than the overall Northern Ireland market averaging £160,291 for a house, while at the other end of the scale North Belfast averaged £76,927.
The authors of the report, Professor Alastair Adair, Professor Stanley McGreal and Dr. David McIlhatton, said: "This survey shows that recovery in the Northern Ireland housing market is still not deeply embedded and remains vulnerable to economic circumstances and to the seasonal vagaries of the market which become more apparent during periods of thin market conditions."
Many observers believe that the market may still have a way to go before it eventually bottoms out.
