Northern Ireland’s price freefall continued during the last quarter. The average price of a home in Northern Ireland in the last quarter was £128,846. That is the lowest since the end of the first quarter of 2006 when the average price was first quarter in 2006, the average price was £129,346.
Meanwhile, in the UK, as a whole, prices continued their upward movement, which began at the beginning of last year. I have charted the progress of UK and Northern Ireland house prices in the graph belowLast year, I forecast that house prices in Northern Ireland would fall but flatten out by this time. That was also the forecast for the UK market made by Savilles which is shown in my earlier graph. Whereas that Northern Ireland market has continued to fall, the UK market has gone in the opposite direction. So much for forecasting then.
These figures prove almost conclusively that the Northern Ireland property market is primarily influenced by the market in the Republic of Ireland, which continues to fall.