Are the University of Ulster figures as accurate as we assume?
February 10th, 2012

The main headlines today according to the latest UU figures, are that the average price of a house in Northern Ireland has dropped by a further 10%.

We have never supplied our sales details to this survey and yet our name appears on the press release as a contributor.  Last year a local East Belfast Estate Agent telephoned me to ask if we supplied our sales data to the survey.  He then telephoned me back to say that he had spoken to the majority of Estate Agents in East Belfast and he had not found anyone who takes part in the survey.

It would be interesting to know exactly how many Estate Agents contribute to the report.

This report is seen by the industry and I assume by the Banks as the most accurate indication of the state of the property market.

It would make sense for the Banks not to open up their coffers and offer more mortgages until they were sure the market had bottomed out but it concerns me that they may be basing the future of our market on a report that may not be as accurate as people suppose