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House sales 'down 50% this year' House sales 'down 50% this year'
(about 2 hours later)
House sales in Northern Ireland have dropped by 50% compared to the same time last year, the latest University of Ulster price survey has revealed. House sales in Northern Ireland have dropped by 50% compared to the same time last year, the latest University of Ulster price survey has indicated.
The 120 Northern Ireland estate agents surveyed sold a total of 1,044 houses in the second quarter of this year.The 120 Northern Ireland estate agents surveyed sold a total of 1,044 houses in the second quarter of this year.
However, although sales are down in comparison with the same time last year, they have increased from 896 in the first quarter of 2008.However, although sales are down in comparison with the same time last year, they have increased from 896 in the first quarter of 2008.
The survey found that the average house price in NI now stands at £226,934.The survey found that the average house price in NI now stands at £226,934.
Its authors, Professor Alastair Adair, Professor Stanley McGreal and Louise Brown, said the overall picture "when balanced out" suggested that there has only been a 4% reduction in prices.Its authors, Professor Alastair Adair, Professor Stanley McGreal and Louise Brown, said the overall picture "when balanced out" suggested that there has only been a 4% reduction in prices.
TransactionsTransactions
"However, the main impact on the market is in the volume of transactions which have been more than halved over the year," they added."However, the main impact on the market is in the volume of transactions which have been more than halved over the year," they added.
"While a correction in the market is taking place, it is important to stress that price levels have not collapsed and the marking down of prices appears to be incremental rather than a one-off correction.""While a correction in the market is taking place, it is important to stress that price levels have not collapsed and the marking down of prices appears to be incremental rather than a one-off correction."
Bank of Ireland economist Alan Bridle said the survey showed that price changes varied widely across different parts of Northern Ireland and across different types of properties.Bank of Ireland economist Alan Bridle said the survey showed that price changes varied widely across different parts of Northern Ireland and across different types of properties.
"People should be cautious about making over-simplistic judgments," he said."People should be cautious about making over-simplistic judgments," he said.
"For instance, there are different factors affecting both the resale and the new-build markets."For instance, there are different factors affecting both the resale and the new-build markets.
"With a very quiet resale market, I believe there is a high probability of the average price dropping closer to the £200,000 level before the end of year, with a period of adjustment stretching into 2009."With a very quiet resale market, I believe there is a high probability of the average price dropping closer to the £200,000 level before the end of year, with a period of adjustment stretching into 2009.
"Anyone looking for the green shoots of recovery should keep an eye on transaction levels which are likely to turn before prices do, but it might be a while.""Anyone looking for the green shoots of recovery should keep an eye on transaction levels which are likely to turn before prices do, but it might be a while."
The Housing Executive's head of research, Joe Frey said Northern Ireland's housing market was facing a challenging time.The Housing Executive's head of research, Joe Frey said Northern Ireland's housing market was facing a challenging time.
"The current situation provides government with an opportunity to accelerate the building of social and affordable homes," he said."The current situation provides government with an opportunity to accelerate the building of social and affordable homes," he said.
Average price by regionAverage price by region
• Belfast - £247,648, an increase of 3.3% from last year.• Belfast - £247,648, an increase of 3.3% from last year.
• North Down - £251.526, down by 2.3% from last year.• North Down - £251.526, down by 2.3% from last year.
• Lisburn - £230,2430, down by 17.3% from last year.• Lisburn - £230,2430, down by 17.3% from last year.
• East Antrim - £190,133, down by 7.8% from last year.• East Antrim - £190,133, down by 7.8% from last year.
• Antrim/Ballymena - £209,820, down by 8.1% from last year.• Antrim/Ballymena - £209,820, down by 8.1% from last year.
• Coleraine/Limavady/North Coast - 203,728, down by 26.5% from last year.• Coleraine/Limavady/North Coast - 203,728, down by 26.5% from last year.
• Derry/Strabane - £221,227, an increase of 16.7% from last year.• Derry/Strabane - £221,227, an increase of 16.7% from last year.
• Mid-Ulster - £201,746, down by 16.8% from last year.• Mid-Ulster - £201,746, down by 16.8% from last year.
• Enniskillen/Fermanagh/South Tyrone - £193,406, down by 20.8% from last year.• Enniskillen/Fermanagh/South Tyrone - £193,406, down by 20.8% from last year.
• Craigavon/Armagh - £185,016, down by 20.1% from last year.• Craigavon/Armagh - £185,016, down by 20.1% from last year.
• Mid and South Down, the average price of £236,480, down 2.4% from last year.• Mid and South Down, the average price of £236,480, down 2.4% from last year.