House Sales in Northern Ireland increased over the last three months
14 April, 2011
House Sales in Northern Ireland increased over the last three months and prices are continuing to fall, according to a new survey by the Royal Institution of Chartered Surveyors dated 12th April 2011. The latest report by the RICS and Ulster Bank also shows prices are expected to continue falling over the next three months. The main factors influencing the change include reduced household incomes and an increase in the number of repossessions which are forcing a dip in the market. RICS Northern Ireland housing spokesman, Tom McClelland said "Household incomes are falling in real terms, and interest rates will rise, but will likely still be very low in historic terms for some time...where asking prices are realistic, sales will take place, and this will continue to be the case" There is evidence amongst Estate Agents in Northern Ireland that the sectors of the market seeing the most steady activity, and some confidence, are those under £125,000 bracket and keenly priced new build Properties in Northern Ireland.
A recent article in The Belfast Telegraph about the Northern Ireland Property market reported 'A small improvement in the mortgage market in February was driven by an increase in the number of first-time buyers, newly released figures reveal. The total number increased in February, up 8% by volume to 32,000 and 5% in value to £4.6bn, the Council of Mortgage Lenders (CML) said. First-time buyers made the largest contribution with 12,400 worth £1.4bn, a 13% increase in volume from January.
If you are currently looking to buy a Property in Belfast or indeed anywhere across the region, at housesalesnorthernireland.com you are sure to find a Property in Northern Ireland to suit your needs. If you have any questions or are interested in any properties featured on our website, please get in touch.
