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| NI house prices show green shoots | NI house prices show green shoots |
| (20 minutes later) | |
| House sales in Northern Ireland are rising, a University of Ulster survey has found. | House sales in Northern Ireland are rising, a University of Ulster survey has found. |
| Figures show 950 transactions were made from April to June, up more than 150 on the previous quarter. This is still low compared with normal market conditions. | Figures show 950 transactions were made from April to June, up more than 150 on the previous quarter. This is still low compared with normal market conditions. |
| The average house price was £158,886, an increase of 0.5% on the January-March figure, when it fell 10.8%. | The average house price was £158,886, an increase of 0.5% on the January-March figure, when it fell 10.8%. |
| The report's authors said this was "the first tangible evidence" of a turnaround in the NI property market. | The report's authors said this was "the first tangible evidence" of a turnaround in the NI property market. |
| According to the report, anecdotal evidence from several estate agents earlier this year of an increasing number of inquiries is now being translated into sales. | According to the report, anecdotal evidence from several estate agents earlier this year of an increasing number of inquiries is now being translated into sales. |
| It provides some encouragement that the two year-old housing recession in Northern Ireland may be coming to an end Alan BridleBank of Ireland economist class="" href="/2/hi/uk_news/northern_ireland/8206627.stm">In figures: NI house price survey | |
| Some impact on price is expected as buyers capitalise on lower sales prices. | Some impact on price is expected as buyers capitalise on lower sales prices. |
| The report said there was a "shift towards greater affordability" with 19% of properties selling at or below £100,000. | The report said there was a "shift towards greater affordability" with 19% of properties selling at or below £100,000. |
| The majority of houses in the survey (62%) of about 120 estate agents sold at or below £150,000. | The majority of houses in the survey (62%) of about 120 estate agents sold at or below £150,000. |
| 'Process of recovery' | 'Process of recovery' |
| The report's authors - Professors Alastair Adair and Stanley McGreal and Mrs Louise Brown - said the survey "provides the first tangible evidence that the housing market is starting the process of recovery". | The report's authors - Professors Alastair Adair and Stanley McGreal and Mrs Louise Brown - said the survey "provides the first tangible evidence that the housing market is starting the process of recovery". |
| "Transactions, although still below normal market conditions, are up, the rate of price decline is reducing and growth has occurred in some market sectors during the second quarter of 2009." | "Transactions, although still below normal market conditions, are up, the rate of price decline is reducing and growth has occurred in some market sectors during the second quarter of 2009." |
| There is still some way to go before a more balanced market emerges Joe FreyHousing Executive | There is still some way to go before a more balanced market emerges Joe FreyHousing Executive |
| Bank of Ireland economist Alan Bridle said the survey "provides some encouragement that the two year-old housing recession in Northern Ireland may be coming to an end". | Bank of Ireland economist Alan Bridle said the survey "provides some encouragement that the two year-old housing recession in Northern Ireland may be coming to an end". |
| "The results also chime strongly with the improving sentiment being reflected in various UK-wide readings of the residential market, qualified of course by recognition of the severity of this particular downturn," he said. | "The results also chime strongly with the improving sentiment being reflected in various UK-wide readings of the residential market, qualified of course by recognition of the severity of this particular downturn," he said. |
| Housing Executive head of research Joe Frey said indications that the market was stabilising were welcome, but he warned it was "important to be cautious at this stage". | Housing Executive head of research Joe Frey said indications that the market was stabilising were welcome, but he warned it was "important to be cautious at this stage". |
| "First-time buyers are still having to find deposits of 25% and there are still considerable numbers of unsold new properties on the market," he said. | "First-time buyers are still having to find deposits of 25% and there are still considerable numbers of unsold new properties on the market," he said. |
| "There is still some way to go before a more balanced market emerges." | "There is still some way to go before a more balanced market emerges." |