19/12/2013

NI House Prices To Increase By 4%

Northern Ireland house prices are to rise by more than 4% over 2014, according to a new report from the Royal Institute of Chartered Surveyors (RICS).

Despite the increase, Northern Ireland prices will rise least out of all the UK regions, with the north east of England just behind at 5%.

House prices in the UK will see an increase of 8% in general, while the cost of renting a home could rise by a further 2%.

"This growth is being driven by the acute imbalance between burgeoning buyer demand and sluggish supply with new instructions to estate agents close to stagnating," a statement from RICS said.

The biggest increases are to be seen in London, where the cost of a home will jump by around 11%.

House purchases in the UK could increase up to 1.2m from 1.05m in 2013, but this is still below the 1.67m seen in 2006.

(IT/JP)

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