Northern Ireland Property Prices Stabilise
A survey prepared by the Royal Institute of Chartered Surveyors (RICS) in Northern Ireland suggests that the housing market crash has stabilised. This follows many positive reports over the summer months relating to the housing market and wider economy. RICS said that its survey showed that there had been two consecutive monthly house price increases. This is the first time that that has happened since July 2007.
All positive news on this front is welcomed and it is clear from our discussions with estate agents and mortgage advisors across Northern Ireland that there is definitely more activity, particularly among Northern Ireland’s first time buyers. A word of caution here is that first time buyers will generally want to purchase new build properties and with the lack of new developments being constructed demand may soon outweigh the supply. Not the worst problem the Northern Ireland construction industry has faced in recent years!