Categorized | International

Northern Ireland Housing Prices Decline

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The residential real estate market in Northern Ireland has taken a hit over the last year, much like the rest of Europe. Prices have dropped roughly ten percent in the last year, and there has been little indication that the market will see any kind of improvement in the coming months.

Despite the drop, many economists are not ready to consider the residential real estate market in Northern Ireland a crash. Rather, they believe that the decline in home sales and prices is a correction following the surge in growth that took place prior to the financial crisis that crippled the global market.

Prior to the global housing crisis, Northern Ireland was considered to be one of the strongest markets in the world. However, that growth was, for the most part, unsustainable. Northern Ireland lacks the investor interest that is seen in London.

Even London, though, is not expected to post any kind of increase in the current market. The struggles of the Eurozone and the current recession have made recovery highly unlikely for any part of the United Kingdom. Additionally, increased lending restrictions have made it difficult to secure a mortgage loan for those that want to buy.

While the London residential real estate market may start to see stabilization and growth again in the near future, there is no telling what the coming months or even years will look like for Northern Ireland. Interest in the region has been in a freefall for the last

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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