16/01/2007
NI house price rise unabated
House price rises in Northern Ireland remain buoyant despite evidence of a slow down in the UK market due to rising interest rates.
The Northern Ireland market continues to grow steadily as money from the Republic of Ireland supports the market due to lower Eurozone interest rates.
However, figures from the UK reveal that house prices are slowing as the recent interest rate rises begin to bite.
RICS spokesman Ian Perry said: "Interest rate rises have started to cool the housing market and last week's rise will have a further impact in the coming months, but the market remains strong.
"However, the rate rise will do nothing to aid home owners struggling with affordability conditions with more repossessions looming on the horizon.
"As we move further into the new year, consumers will begin to tighten their belts as finances come under pressure but rising wages and employment will continue to boost the economy and RICS expects interest rates to finish at 5.5% by year end.”
The Ulster Bank report little slowdown in the demand for mortgages in the run up to Christmas.
(SP/KMcA)
The Northern Ireland market continues to grow steadily as money from the Republic of Ireland supports the market due to lower Eurozone interest rates.
However, figures from the UK reveal that house prices are slowing as the recent interest rate rises begin to bite.
RICS spokesman Ian Perry said: "Interest rate rises have started to cool the housing market and last week's rise will have a further impact in the coming months, but the market remains strong.
"However, the rate rise will do nothing to aid home owners struggling with affordability conditions with more repossessions looming on the horizon.
"As we move further into the new year, consumers will begin to tighten their belts as finances come under pressure but rising wages and employment will continue to boost the economy and RICS expects interest rates to finish at 5.5% by year end.”
The Ulster Bank report little slowdown in the demand for mortgages in the run up to Christmas.
(SP/KMcA)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.