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Northern Ireland house prices rise in 3Q, says report

BELFAST: Northern Ireland house prices rose 3.3% in the third quarter from the previous three months, signalling an easing in the UK recession, a report said on Nov 16.

Average house prices in Northern Ireland rose to £164,107 (RM929,941) in the three months through September from £158,886 in the second quarter, the University of Ulster said in a report. On an annualised basis, house prices have fallen 19.2%, the report said.

Northern Ireland’s economy has been hit by a property slump while the global recession has cut export demand. Companies from Caterpillar Inc to Bombardier Inc have cut jobs. Still, in October, the unemployment rate, which has almost doubled in the past year, remained unchanged for the first time in 20 months.

“While the end of the recession may be in sight, the legacy of a difficult economic and financial backdrop will remain,” Alan Bridle, head of research at Bank of Ireland, said in the Nov 16 report. “The overall climate for housing remains challenging.” – Bloomberg LP
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