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12/04/2007
Northern Ireland house price rise fastest in the UK
Northern Ireland’s property market has rose faster last month than anywhere else in the United Kingdom according to new figures released.
A Royal Institution of Chartered Surveyors survey, carried out with the Ulster Bank showed price growth to be over 8% in the month.
The report also revealed the feel good effect of relative economic strength and political progress will maintain the current growth.
About 96% of chartered surveyors in Northern Ireland reported increases in March, while 75% reported price rises of at least 5% and a third revealed the price growth was over 8%.
While the news is good for investors, first time buyers could find it more difficult to purchase property.
Ulster Bank mortgage chief Derek Wilson said a significant shortage of homes was a major factor in pushing up prices.
“Coupled with strong economic conditions, the undersupply of homes is a considerable factor in the price growth that we are seeing and is likely to sustain further growth into the coming months, despite the likely prospect of a further interest rate hike,” he said.
He added that lenders were continuing to introduce innovative mortgages to support first time buyers in attempts to get them on to the first rung of the property ladder.
(JM/KMcA)
A Royal Institution of Chartered Surveyors survey, carried out with the Ulster Bank showed price growth to be over 8% in the month.
The report also revealed the feel good effect of relative economic strength and political progress will maintain the current growth.
About 96% of chartered surveyors in Northern Ireland reported increases in March, while 75% reported price rises of at least 5% and a third revealed the price growth was over 8%.
While the news is good for investors, first time buyers could find it more difficult to purchase property.
Ulster Bank mortgage chief Derek Wilson said a significant shortage of homes was a major factor in pushing up prices.
“Coupled with strong economic conditions, the undersupply of homes is a considerable factor in the price growth that we are seeing and is likely to sustain further growth into the coming months, despite the likely prospect of a further interest rate hike,” he said.
He added that lenders were continuing to introduce innovative mortgages to support first time buyers in attempts to get them on to the first rung of the property ladder.
(JM/KMcA)
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