House prices fall by 12 per cent in Northern Ireland

NEW figures out to today paint another bleak picture for the housing market.

They reveal that house prices in Northern Ireland are down 12 per cent on this time last year.

They are now less than half of their peak value recorded around August 2007.

And according to the Land and Property Services, they have now fallen by 55 per cent in five years.

Apartments have seen the largest fall in value – down 61 per cent with terraced properties falling by 59 per cent.

While prices are still falling, the figures show that the pace of decline is slowing.

In the past three months they fell by just one percent.