UK Money News
1st May 2008
N.Ireland house prices could plunge this year
The Northern Ireland property market is set for a dramatic decline this year, it has been claimed.
Last summer the average price of a property in the province hit a record £250,000, after values experienced sustained growth over several years.
However, according to Richard Ramsay, the fall in prices noted over the last few months is set to accelerate over the course of the rest of the year.
This decline could be so marked that they could fall as much as £75,000 from the aforementioned peak.
Mr Ramsay told the Irish News: "In recent months, property prices have been aggressively reduced but some of these house price falls, in our view, have still not fed into the official statistics.
"We believe that the current Northern Ireland average house price is closer to £200,000 and we are anticipating it to fall by a further 12.5 per cent to reach £175,000 by the end of 2008."
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