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NI set for 'dramatic slump'?

Jaimie Kanwar

Northern Ireland house prices could plummet this year, argues one expert...

Richard Ramsay of the Ulster Bank, has predicted that a correction in the NI market will accelerate over the next eight months. He explained: “House prices in Northern Ireland have experienced inflation far ahead of that of the rest of the UK and hit £250,000 last summer. However, In recent months, property prices have been aggressively reduced but some of these house price falls have still not fed into the official statistics

"We believe that the current Northern Ireland average house price is closer to £200,000 and we are anticipating it to fall by a further 12.5 per cent to reach £175,000 by the end of 2008."