NI market remains robust

Posted: 11 Jan 2008 10:17:37 GMT


            Property News - NI market remains robust

The Northern Ireland housing market remains strong despite slight falls in property prices in recent months.

The Northern Ireland housing market remains strong despite slight falls in property prices in recent months.

Recent figures from Nationwide revealed that the average house in the province lost 0.2 per cent of its value in the last three months of 2007.

However, this follows "massive house price growth in 2006 and 2007" and the Royal Institution of Chartered Surveyors (Rics) Northern Ireland said that the slight downturn may actually benefit the overall market.

"We anticipate that transaction numbers will increase in the first half of 2008, supported by the recent interest rate cut and potential cuts in the coming months," said Tom McClelland from Rics Northern Ireland.

"Ultimately first-time buyers could benefit from the change in the market. With investor activity having declined, there is less competition for properties in the sector of the market within the first-time buyers' price range.

"In addition, first-time buyers must be encouraged by the outlook for interest rates," he continued.

Throughout 2007, the average property in Northern Ireland increased in value by £120 per day.

Sky - Unlimted Broadband & TV
BT Broadband - Plus FREE BT Sports
Virgin Media - Superfast Broadband & TV
Gas & Electricty - Save up to £533
Mortgages - Find the cheapest
Home Insurance - Compare 70 providers
Free Credit Check - Check your credit file
Conveyancing - Fast Free quote
Tax Saving Guides - Tips to save Tax