Fragile recovery in NI's property markets
As UK property prices continue on the road to recovery signs of price growth are beginning to show in Northern Ireland.
Following several years of massive increases the province experienced huge drops in the value of residential property during the recession and has been lagging behind on the recovery stakes.
Three years ago the property market in Northern Ireland was incredibly successful and prices were soaring by almost 40 per cent annually according to reports from the Halifax. At that time the cost of an average home in NI was pegged at over £200,000 making it the UK's most expensive region behind London properties and the south of England.
Today following the financial meltdown, the average price is recorded at around £134,000 although in Belfast the same property type is valued at just over £190,000.
The NI branch of RICS have reported rising levels of activity in the market and hope this is a turning point in the economy, but they expect pricing levels to remain fairly subdued for the coming months.