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(EMAILWIRE.COM, August 25, 2013 ) Washington, DC -- According to research by Price Waterhouse Cooper (PwC), average property prices in Northern Ireland are about half their 2007 market peak. Last year alone prices fell another six percent. However, the latest Northern Ireland Economic Outlook survey indicates the market may have bottomed. In the second quarter of this year, the University of Ulster Quarterly House Price Index had the average price of a house at £130,864. This was essentially unchanged from the average of £131,128 in the previous quarter.
Chief economist at PwC Northern Ireland Dr Esmond Birnie says it may take some time until prices recover to their former levels. "An overspill from the Republic's credit and property bubble, rampant speculative investment, and remarkably loose lending policies, drove Northern Ireland average property prices up by 250% in the decade to September 2007," Birnie says. "That was around twice the UK average increase of 145% and a huge correction has driven prices back to pre-boom levels. And while some types of property in popular areas of Northern Ireland are demonstrating real recovery, average property prices have some way to go before they are clearly on the turn. That means real recovery in the property market will be long, difficult and wholly dependent on factors ranging from reduced household debt to more liberal lending policies."
More willingness from banks to lend, decreases in personal debt and increased consumer confidence are the main factors in the recovery, according to the study. The strongest performing property types are detached bungalows, increasing by an average of 16.2% over the last year to of £148,342. Townhouses and terraced structures increased by 6.5% to £86,216.
On the downside, there was a decline of 25% in the value of semi-detached bungalows to an average of £103,394. The apartment segment also fell by 9.9% to £97,765; detached houses fell by 13.9% to £199,553 and semi-detached houses declined by 10.6% to £120,377.
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