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NI housing market still healthy
06/09/2007
Experts on the property market in Northern Ireland say they are still confident in "healthy" growth in house prices and have dismissed fears that recent acceleration in prices will lead to a bust.
If these predictions are to be believed then solicitors in Northern Ireland will still see clients wanting mortgage lender services, but fewer first-time buyers, as affordability will still continue to be a problem.
Simon Brien, partner at the Eric Cairns Partnership, was quoted in the Belfast Telegraph as saying: "The market is not going over the edge of the cliff - that will not happen."
He predicted that house prices in Belfast would rise by 18 per cent while the rest of Northern Ireland would see a 12 per cent rise in property prices.
Mr Brien added that the price of land was rising due to a shortage, which would mean that house prices would maintain growth.
He said: "Whether it's city living or provincial towns, prices will not just nosedive. What we're seeing is a slowing market with more long term stability and rates of growth. Every property we put on the market we're selling - it may not be agreed in a week or two, but it is selling.
"These figures still outstrip the UK average. Last year there was panic, but now people are taking their time and doing things properly and taking time to choose carefully."
Mr Brien said the housing market is "stabilising" and predicted a period of "healthy" price increases.
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If these predictions are to be believed then solicitors in Northern Ireland will still see clients wanting mortgage lender services, but fewer first-time buyers, as affordability will still continue to be a problem.
Simon Brien, partner at the Eric Cairns Partnership, was quoted in the Belfast Telegraph as saying: "The market is not going over the edge of the cliff - that will not happen."
He predicted that house prices in Belfast would rise by 18 per cent while the rest of Northern Ireland would see a 12 per cent rise in property prices.
Mr Brien added that the price of land was rising due to a shortage, which would mean that house prices would maintain growth.
He said: "Whether it's city living or provincial towns, prices will not just nosedive. What we're seeing is a slowing market with more long term stability and rates of growth. Every property we put on the market we're selling - it may not be agreed in a week or two, but it is selling.
"These figures still outstrip the UK average. Last year there was panic, but now people are taking their time and doing things properly and taking time to choose carefully."
Mr Brien said the housing market is "stabilising" and predicted a period of "healthy" price increases.
Contact us for legal advice
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