10 year wait for Northern Ireland property price recovery

By Christine Farrell

It has been estimated that it could take ten years for Northern Ireland property prices to climb back to the same levels they were at before the property crash.

Property prices in rest of the UK are thought to have largely gained back any of the losses experienced during the recession, but house values in Northern Ireland are still around half of the peak levels of the property boom in 2007. A report by PwC suggests that it could take 10 years for the 2007 property price levels to return, pointing to modest increases over the past year, a large negative equity problem, and a slower economic recovery than the rest of the UK.

The negative equity problem prevents many would-be home movers from getting involved in the housing market, so it is rare to see the property chains of purchases and sales that were so common during the boom years. First time buyers and investors are the most active, but with interest rates expected to increase imminently, the Northern Ireland property market is likely to remain steady at best for the rest of 2014 and the months beyond.

If you are buying, selling or remortgaging a property in Northern Ireland, and want to speak to a conveyancing solicitor about the legal process involved, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

 

 

 

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