Northern Ireland

Northern Ireland house prices drop, Ulster University report says

Houses
Image caption The report, compiled by the Ulster University, suggests prices dropped 6.5% between the end of 2015 and this March

Another report on the Northern Ireland housing market shows price falls, with a claim that the upcoming EU referendum was a contributing factor.

The quarterly house price index compiled by the Ulster University suggests prices dropped 6.5% between the end of 2015 and this March.

Its report said there was "a mini-correction" in the market.

It said uncertainty at the outcome of the 23 June EU vote "will undoubtedly have impacted negatively on the market."

Last week, official government figures showed Northern Ireland property prices fell for the first time in three years.

The university's research suggests the average house price in the first quarter of 2016 was £146,472.

Over the quarter, all property types, with the exception of semi-detached bungalows, suffered reduced price levels.

Professor Stanley McGreal from Ulster University said: "The research statistics are reflective of mixed feelings by the sector across Northern Ireland.

"Some estate agents attribute the apparent slowing in first quarter simply to a seasonal fluctuation, others attribute it to house buyers' concerns of economic uncertainty."

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