House prices here have yet to recover to pre-downturn levels: survey
NORTHERN Ireland is the only part of the UK in which house prices have yet to recover to pre-downturn levels, according to a survey.
The average house price here of £139,951 in September remains 38% the pre-crash 2007 level of £224,670, according to research by lettings agent Benham and Reeves.
In contrast, prices in Wales, Scotland and England have all surpassed 2007 levels.
House prices in England have shown the strongest growth, recovering by 29% to £250,677 — compared to the £194,328 average of 2007.
But the boom in house prices in Northern Ireland had led to an average house price in 2007 which was far in excess of other parts of the UK.
In fact, at £224,670, the province’s average house price was 18% above the UK’s typical house price of £189,786.
But now, it has the lowest house prices in the UK.
The next most affordable region is Scotland, where the average is £155,029 — though that is up 8% on the 2007 level.
And prices in London have recovered the most from the global financial crisis, Benham and Reeves said.
Marc von Grundherr, director of Benham and Reeves, said: “Despite the recent negative headlines about the London housing market, the capital has made the strongest recovery from the global financial crisis and continues to do so despite wider market uncertainty.”
He said the recovery also extended to other parts of the south east of England — and said that the figures were proof of the robustness of the UK property market.