Survey suggests Northern Ireland house price stabilisation

By Christine Farrell

Northern Ireland property prices are stabilising according to the latest survey of estate agents by the Royal Institute of Chartered Surveyors (Rics).

An overwhelming majority (90 per cent) of those surveyed said that house values did not change in the second quarter of this year, whereas 7 per cent said they had actually increased, and only 3 per cent considered that prices had dropped. The location of the estate agents polled will have some bearing on their take on the property market, as regional variation continues, but it is positive news for property owners that 90 per cent of estate agents consider that Northern Ireland houses are now holding their current value.

A different report by the Office for National Statistics (ONS) suggests that property prices in Northern Ireland actually fell in June, but that report is based on mortgage transactions and isn't considered to be as accurate as the official Northern Ireland house prices index which will be released later this month. That report is based on stamp duty returns submitted by the solicitors of property purchasers, and includes cash buyers, which are not factored into the ONS report.

If you are buying, selling or remortgaging a house in Northern Ireland and require a property solicitor to handle the conveyancing process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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