The Northern Ireland finance and personnel minister, Sammy Wilson has this morning released the residential index and property price series for the three months ending 30th September 2012.
In summary, prices declined 1% in Q3, 2012 which represents a slowing in the rate of decline, prices are down 12% in the year to the end of September 2012 and overall since the peak in 2007, prices are down 55%. Given UK inflation generally since the peak in 2007 is 18%, the real decline in Northern Ireland is estimated to be 62%, which as far as can be determined on here, makes the Northern Ireland residential property crash to be the worst in the world.
Minister Wilson puts our own administration to shame. Although we finally saw the launch of the property price register at the end of September 2012, we still don’t have any index though commercial players like DAFT.ie may fill that void. (The Republic of) Ireland’s official residential property index remains the CSO monthly series which is based on mortgage transactions only, which appear to represent about 50% of the market apparently.
Elsewhere in the release, we learn there were 3,400 residential property transactions in Northern Ireland in Q3,2012. Our own Property Price Register reveals there were 6,258 during the same period here. Relative to the 800,000-odd houses in Northern Ireland compared to the 2m in the Republic, the figures confirm that there are, relative to total housing stock, more transactions in Northern Ireland.
The recent trend with residential property prices in the Republic has been stabilization and gentle rises, in Northern Ireland, it appears the pace of decline is slowing, but will it is curious that the real decline in Northern Ireland stands at 62% compared with 51% in the Republic.
The Northern Ireland index was launched in August 2012 – read the blogpost here.