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According to a recent article in the Belfast Telegraph 'The housing market in Northern Ireland improved last month' it has been claimed that the price of some Property in Northern Ireland  rose and the number of House Sales in Northern Ireland is expected to grow according to the Royal Institution for Chartered Surveyors (RICS). The severe weather conditions at the end of 2010 resulted in a difficult month for purchasers seeking Properties in Northern Ireland but the situation is expected to improve this spring. The RICS housing spokesman is quoted as having said: "Clearly January was a better month for the housing market, and there is the expectation that things will improve - albeit from low levels in terms of transaction activity - as we move into the spring, which is generally a busier time of year." He continued "that affordability in Northern Ireland's housing market has improved dramatically in recent years". The analysis was based upon responses from RICS members and weighed up how many of them said prices rose compared to those who said they fell. Further they report that the head of lending products at Ulster Bank, said the future was looking better, "Our own experience regarding mortgage inquiries in the past month tallies with the expectation that activity in the housing market will increase," he said. "In particular, we have experienced a marked increase in queries and completions from home movers."
 
Mortgage affordability for those looking to take their first steps onto the property ladder by seeking Northern Ireland Property is at its most favourable for 12 years, according to the latest annual Halifax First Time Buyer Review. The proportion of disposable earnings devoted to mortgage payments by a potential new first time buyer stood at 27% in September 2010; the lowest since December 1998 and almost half of the peak level of 50% in September 2007. This significant improvement in affordability over the past three years has been mainly driven by a combination the fluctuating prices of Properties in Northern Ireland and declining mortgage rates. Martin Ellis, housing economist at Halifax, commented: "The 'noughties' were a difficult period for many looking to get onto the property ladder. The substantial rise in house prices over much of the decade prevented many potential first time buyers from entering the market, however, affordability has improved significantly over the past three years. Whilst the tightening in lending criteria experienced across the mortgage industry since the onset of the credit crunch in 2007 deterred first-buyers from trying to secure mortgage finance, there are now encouraging signs of a modest improvement in mortgage availability."
 
If you are thinking of selling a Property in Northern Ireland or are a first time buyer seeking a Property in Belfast, you are sure to find something to suit your specifications at House Sales Northern Ireland (housesalesnorthernireland.com). Feel free to get in touch with one of our experienced agents who will be happy to assist you.