PROPERTY CRISIS: Ulster price slump 'largest across UK'
NORTHERN Ireland has again seen the largest falls in property values of any UK region, according to the latest Government figures .
The Department of Communities and Local Government said that homes in Ulster lost 10.3 per cent of their value in the year to the end of July – vastly worse than the next biggest drop, in the south-west of England, where prices fell less than two per cent.
The official figures now clearly show that the total fall in house prices is much bigger in Northern Ireland than elsewhere – five times greater than the worst hit region on the mainland.
The Government figures tend to lag behind current market conditions by up to three months and other reports have said that the current average fall in house prices here is 20 per cent since last year.
Other surveys, however, have suggested that Northern Ireland's property market will fare better than the rest of the UK.
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Wednesday 15 February 2012
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