Province's house prices fall 11% in the past year - Business News, Business - Belfasttelegraph.co.uk
Northern Ireland house prices have fallen by nearly 11% in the past year, making it the second cheapest UK region for housing, a survey by Nationwide has said.
The building society's research puts the province as the weakest area for house price growth out of 13 UK regions.
There was a 10.8% fall since this time last year, bringing the average house price in the province to £119,913 - compared to £164,751 across the UK as a whole.
Only the north of England, with an average house price of £113,863, was cheaper than the province.
Economist John Simpson said house prices in the province were now "just about back to where they should be" after the dramatic increases of 2005 to 2007.
"When prices went up - by 50% in one year - it was completely unequal to anywhere else in the UK," Mr Simpson said.
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