HOUSE PRICES fell more sharply and quickly in Northern Ireland in the 12 months to June than anywhere else in the UK, government figures show. Francess McDonnellreports.
Data from the UK's department for communities and local government (DCLG) reveal house prices fell by 9.4 per cent in the North from June 2007 to June 2008.
By the DCLG's calculations, the average house price in Northern Ireland in June fell to £220,199 (€280,471). This is still considerably higher than the UK average of £215,029 for June 2008, but is dramatically lower than the average house price in Northern Ireland in the same month a year ago.
In June 2007, the DCLG estimated that the average house price in the North was £240,302.
The DCLG survey shows Northern Ireland recorded the lowest annual house-price growth across the UK in the 12 months to June.
According to the DCLG, the main issue affecting house-price growth is access to and the supply of credit in the market.
The latest statistics are further proof of the rapid slowdown in the North's housing market after more than three years of accelerating price rises.
The DCLG findings are the latest in a series of surveys from universities and mortgage lenders, all of which appear to confirm that the North's short-lived housing boom is well and truly over.
The average house price in the North remains well above that in Scotland (£167,577) and Wales (£162,186), but the government research shows that both those regions have escaped the major slowdown that has hit Northern Ireland.
The DCLG statistics are compiled from information obtained from all the major mortgage lenders operating in the UK.
The index is calculated at the time when transactions are completed, which means that they usually lag one month behind other major house price surveys.
On average, the latest index shows property prices in the UK fell by 0.7 per cent between May and June of this year.
