Yesterday, a Nationwide survey reported average house prices in the Province has dropped by around 18%, but the University of Ulster's Mike Smith has dismissed the building society's shocking figures as unrepresentative.
However, the gloomy reports have been compounded by stark declines in the building trade, which is suggested to be experiencing its sharpest drop in 12 years.
The Royal Institution of Chartered Surveyors has most recently claimed that construction in the private housing sector has all but ceased, blaming planning lag times for the slump.
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Mr Smith has refused to believe the current housing climate is as desperate as illustrated.
He told the Newsletter: "The situation is not as bad as it has been painted - employment rose in the first three months of this year. But this is nothing like the credit slump of 1979 when hundreds of thousands of people lost their jobs."
"For the first time in my living memory Northern Ireland is doing better than any other part of the UK - but if the Government would give some confidence to the private sector it would help things," he added.
Ian Paisley Jr last night supported calls for the abolition of stamp duty for first time buyers, on properties priced under £300k.
Mr Paisley said: "The processing cost of buying a house is in no way near the current cost of stamp duty".
See: NI House Prices Still Falling
(PR/JM)
