Rics: Agents may have to work harder in NI


Tue 15th Jan, 17:03:32 GMT

Estate agents in Northern Ireland may have to work harder to secure sales this year but the property market in the province is set to continue doing well.

The Royal Institution of Chartered Surveyors predicts that while house prices will not grow as quickly as they did in previous years, homes in the area will remain popular with buyers.

Tom McClelland, housing spokesperson for Rics Northern Ireland, commented: "Northern Ireland experienced massive house price growth in 2006 and 2007 driven by a perceived lack of supply, a burgeoning economy and investor enthusiasm."

Now the market has cooled slightly, he explained that "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".

"We anticipate that transaction numbers will increase in the first half of 2008, supported by the recent interest rate cut and potential cuts in the coming months," Mr McClelland concluded.

According to the Halifax, property prices in Northern Ireland rose by an impressive 29.1 per cent between October 2006 and October 2007, with the cost of an average home in the province 11 per cent higher than elsewhere in the UK.ADNFCR-1143-ID-18427818-ADNFCR


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