21 Feb

Belfast prices 'fall by 20%'

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.ADNFCR-1222-ID-18478202-ADNFCR

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