General Market Trends
The main finding of this survey is the continuing low volume of market transactions and a steep downward correction in average price levels. The annual weighted rate of decline is 35% with a 10.8% weighted reduction during the first quarter of 2009.
The overall average price of residential property in Northern Ireland for the first quarter of 2009 is £156,857. This represents a weighted decline, taking into consideration the price change for each of the six property types, of 35% compared to the same quarter in 2008. The high level of volatility in the market should decline rapidly over the course of 2009 as price levels start to consolidate. In this respect the downward correction in the housing market, as illustrated by the overall index, is likely to be as dramatic as the steep up-cycle in 2006 and at the start of 2007. The expectation is that the price index will flatten-out by the end of the year.
