NI Property Slump 'Faring' Better Than Rest Of UK

Market indicators have suggested the Northern Ireland 'property crash' is experiencing a decelerated pace of decline than other parts of the UK.

Figures produced by the RICS (Royal Institution of Chartered Surveyors) have revealed the Province's housing market is faring slightly better than other British regions, as prices continue to fall across the United Kingdom.

Results for July, generated by Ulster Bank, showed 88% of Ulster surveyors had adjusted property prices compared to 98% of agents in the North of England, 96% in Yorkshire and 93% in the West Midlands.

Buyers are being tempted by falling prices according to RICS.

Northern Ireland RICS spokesman, Tom McClelland, said: "Low sales levels are not unexpected during July.

"However continued uncertainty amongst potential buyers and difficulties that first time buyers are experiencing obtaining mortgage finance have resulted in the housing market being at a virtual standstill in many areas."

Mr McClelland said "confusion over the Treasury position on stamp duty" would not help boost sales in the short-term.

He said government-led initiatives, in addition to falling prices, should begin to draw new buyers back into the market place.

"Indeed some agents are already reporting an increase in inquiry levels in some areas as many seek bargains," added Mr McClelland.

Head of Mortgages at Ulster Bank, Derek Wilson has said the bank's "doors are still open" to new mortgage business, with advisers "readily available to discuss individual customer needs".

Mr Wilson said: "There is uncertainty amongst homebuyers and those remortgaging and it is therefore more important than ever that they avail of the best mortgage advice available.

"Consumers should ensure that they fully investigate their options in order to avail of the most suitable products to meet their individual needs."

(PR/JM)