Economic fears hit house prices

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HOUSE prices in the Newtownabbey area have continued to drop according to a survey by the University of Ulster.

On average houses in east Antrim are going for around the £125,000 mark which represents a new low price for the past quarter and the past year.

The variable difference in price has seen semi-detached houses hold their value better, while terraced houses have suffered the biggest drop in value.

The survey of 115 estate agents across Northern Ireland highlighted the availability of affordable properties.

During the research period 35 per cent of properties sold at or below £100,000, while 70 per cent sold for £150,000 or less.

Report author, Professor Alastair Adair from the university said low confidence in the economy has led to a drop in sales and, as a result prices.

He said: “Buyers are still deferring decisions because of economic uncertainty, rising bills and concerns about job security.”

Economist Alan Bridle from the Bank of Ireland added: “I believe the price correction in Northern Ireland is well advanced. The gradually slowing pace of annual price decline may be evidence of this.”