Confidence of increasing property prices highest in Northern Ireland

By Lauren Burns

Surveyors in Northern Ireland are the most confident in the whole of the UK that property prices are increasing and will continue to grow, according to the latest Residential Market Survey produced by the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank.

Historically the survey has suggested that property prices in Northern Ireland have been on the increase for the past 5 years, though prices still have some way to go to reach the peak in 2007, with the standardised house price currently at £132,795 compared to £216,751 at the height of the boom. Samuel Dickey, the RICS residential spokesman says the steady increase in house prices over the past 5 years are explained in the context of how far they fell during the market crash. That would explain the confidence that house prices in Northern Ireland have significant room to grow over the years to come. Mr Dickey suggested that the recent rate increase had not affected home-buyer activity in Northern Ireland.

Head of personal banking at Ulster Bank, Terry Robb, said that “despite rising prices, buying in Northern Ireland remains relatively very affordable.”

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