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Northern Ireland prices could fall £75,000

Wednesday, 30 April 2008 12:46 PM

The average property price in Northern Ireland could fall by as much as £75,000 from their 2007 peak by the end of the 2008, according to a leading economist.

Prices in the province have grown well in excess of other areas of the UK in recent years, and hit £250,000 last summer, but have shown a sharp reversal in recent months.

This could now accelerate, leading to a dramatic fall in prices warns Richard Ramsey of the Ulster Bank.

"In recent months, property prices have been aggressively reduced but some of these house price falls, in our view, have still not fed into the official statistics," Mr Ramsey said to the Irish News newspaper.

"We believe that the current Northern Ireland average house price is closer to £200,000 and we are anticipating it to fall by a further 12.5 per cent to reach £175,000 by the end of 2008."

The latest figures from the Department for Communities and Local Government find annual price inflation in Northern Ireland is still positive at 3.4 per cent.

However, this is down from a peak of an unprecedented 55.9 per cent annual growth in June 2007 - illustrating a stark downward trend which shows little sign of slowing in the near future.

"While the market is hoping for a revival in the first-time buyer market this year, the ongoing credit crunch is going to reduce the availability and increase the cost of credit for these borrowers," continued Mr Ramsey.

The news follows statistics released earlier today by Nationwide, which find annual house price growth across the UK turned negative in April for the first time since 1996.

Chris O'Toole

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