NI house prices plunge by 18%

NI house prices are down by 18% on last year House prices in Northern Ireland have plunged by 18% on this period last year, according to a Nationwide survey. The average house price is now £183,476 compared to a figure of about £215,000 last June. Prices are still significantly higher than two years ago, but the three-month view of the housing market shows a continuing decline. Experts said the adjustment from the housing boom had been "painful" and it was important to win back confidence. Tom McClelland, Royal Institution of Chartered Surveyors, said estate agents were facing redundancies and office closures because of the stagnant market. "People are being paid off because there is not activity there," he said. "There has been a big price hike over the last two years, that has to be adjusted and the adjustment is painful."... [read full story]