Long wait for NI property prices to return to peak

By Christine Farrell

Northern Ireland property prices won't return to the property boom peak levels of 2007 until 2025 according to a new analysis by consultancy firm PwC.

The Northern Ireland chief economist for PwC, Dr Esmond Birnie, says that although there are signs of property price stabilisation, in some areas more than others, there is still "some way to go before they are clearly on the turn". Mr Birnie's analysis of the economy suggests that the actual hourly earnings of Northern Ireland employees has fallen by 9.75% since 2009 - a larger drop than the 8.5% UK average.

Mr Birnie considers that the Northern Ireland economy is showing signs of recovery, with the rate of unemployment falling, but says it will take until 2025 for all the factors to come together so that house prices reach the levels they were at during the property boom.

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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