NI house prices ‘could take 10 years to recover’

NI house prices                                                                                                                                  Source Image: BBC News

The report suggested property prices in Northern Ireland will rise by almost 5% this year.

Property prices in Northern Ireland could take at least 10 years to recover to what they were before the market collapsed, according to a report.

Business services firm PricewaterhouseCoopers (PwC) said that prices are still around half of their peak values in August 2007.

This despite a recent “modest recovery” in prices.

Average prices in Scotland are 5% below peak and 3% in Wales.

PwC said Northern Ireland’s “depressed” property market, high levels of negative equity and low levels of disposable income mean a slower economic recovery compared to the rest of the UK.

The report also suggested house prices in Northern Ireland will rise by almost 5% this year.

However, it expected growth to slow towards 2020 meaning it could be at least 2024 before prices return to boom time levels.

http://www.bbc.co.uk/news/uk-northern-ireland-28213123

 

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