Northern Ireland house market cooling

Posted 2007-12-29

Towards the end of 2007, Northern Ireland had the fastest growing rate of house prices in the UK at 24.2% or £150 per day on average.

 Following a year of huge growth, the Northern Ireland housing market is starting to cool, according to the Royal Institute of Chartered Surveyors (RICS) in Northern Ireland. Sales will increase in 2008, however house sellers will have to be more realistic with asking prices.

Tom McClelland, housing spokesperson for the said:

“The market changed considerably during the course of 2007 and the new reality is a market where agents have to work harder to achieve sales and sellers have to be more realistic about asking prices”

The cooling of the market could help first time buyers, as according to McClelland there is:

“Less competition for properties in the sector of the market within the first time buyer’s range.”

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