Expert's View
Alan Bridle
Head of Research
Bank of Ireland
Northern Ireland
Key Findings from this report -
The average price of a property in the region has risen to over £169,000 in the last quarter, continuing the recent pattern of erratic fluctuations in the average price
Significantly, the locations of Belfast and North Down are driving the price growth with conditions in Mid-Ulster and the West remaining very challenging
Activity levels appear greatest at the higher and lower ends of the market respectively with the resale segment remaining subdued
Disappointingly, activity levels have slipped back a little in the last 3 months, in part a reflection of the period of extreme weather in January and the bringing forward of completions during the final quarter of 2009 to avail of the stamp duty concession
Developments in the private rental sector are playing an increasing role in market assessment.
Looking ahead, the patchy and uneven recovery is likely to continue for the rest of 2010 and until activity returns to more buoyant levels, average price movement will remain erratic with the risks still to the downside. The local recession may be over but the economy lacks forward impetus at the moment with the budget squeeze just commencing.
Alan Bridle
Head of Economics & Research
Bank of Ireland Northern Ireland
research@boini.com
