Prices collapse in Northern Ireland
Monday, 28 July 2008 12:00 AM
House price falls are accelerating across the UK market, according to the latest Halifax quarterly review.
The slide has been most dramatic in Northern Ireland, where prices have fallen by 14.6 per cent over the last three months - beginning to reverse the 102 per cent increase seen in the province over the past five years.
The average price of a house in Northern Ireland is now £181,078, just two per cent below the UK average of £185,625.
The north-east of England and the East Midlands have both also fared particularly badly in recent months.
Between April and June property prices in the north-east dropped by an average of 9.3 per cent, leading to an annual fall of 11.1 per cent - the largest of any region of the UK.
In the East Midlands, annual falls totaled 6.7 per cent. However, over the last five years house price growth in the region has added 33 per cent to the value of the average property.
London has seen prices dip 4.3 per cent over the last three months, but remains comfortably the most expensive region in which to buy, with average prices hovering around the £291,533 mark.
Overall prices have fallen by 6.1 per cent on average, but there have been some modest gains.
Wales has seen prices stabilise relative to the rest of the UK, with property costing 0.4 per cent more in the second quarter than the first.
The Isle of Man is also escaping the negative impact of the credit crunch, with a 3.8 per cent annual increase recorded over the second quarter.
The increase can be attributed to more modest growth over the past five years, with prices up just 19.1 per cent. This has prevented unsustainable growth from creeping into the market.
The average house price on the Isle of Man is now £266,492 - this is £80,867 more than the UK average.
Chris O'Toole
-
Tags:
- uk property news
