21
Feb
Belfast prices 'fall by 20%'
A new study has claimed that Belfast property prices have fallen by
£20,000 on average in recent times.
The report from the University of Ulster, its Quarterly House Price
Index, noted that prices have dipped from £251,000 last summer
to stand at £231,000, reports News Letter.
Bank of Ireland Economist Alan Bridle claimed that the local market
began to fade in the last three months of 2007.
"The affordability gap for first-time buyers is narrowing but the
early indications from 2008 suggest a market that is still stricken
with relative inactivity, uncertainty and nervousness over
valuations," he commented.
Pooler Estate Agents official Christopher Pooler also commented
that first-time buyers are continuing to find the situation
difficult. He added that homes in east Belfast have seen their
values dip by about 15 to 20 per cent.
Recently, Belfast came in at tenth place on a list of the least
affordable cities in the English-speaking world by Demographia
International.