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Bank predicts NI's high house price inflation to continue
26/03/2007
Economic experts at the Bank of Ireland have confirmed that they expect the property market in Northern Ireland to remain strong for 2007, after prices showed a 37 per cent increase in 2006.
According to the University of Ulster's house price index, the average price of a house in Northern Ireland rose by ten per cent to £195,751 in the last quarter of 2006 alone, with the most expensive properties located in East Belfast where prices averaged £211,925.
The average cost of a home in Northern Ireland now exceeds the rest of Britain and the Bank of Ireland has confirmed that NI had the most inflationary residential market in Europe.
The bank's head of research, Alan Bridle, commented: "The survey shows the old year went out with a bang and the momentum is likely to be carried into at least the early months of 2007."
Nevertheless, he predicted: "We expect the growth to slow to something of the order of 15 per cent in 2007 - perhaps higher in the early months but cooling off as the year unfolds. Even then, that growth would be comfortably above what our neighbours in the Republic of Ireland and Great Britain can expect."
Solicitors in Northern Ireland can expect to remain busy as there seems to be no let-up in demand, despite rising interest rates aimed at cooling interest in the property market.
Contact us for legal advice
According to the University of Ulster's house price index, the average price of a house in Northern Ireland rose by ten per cent to £195,751 in the last quarter of 2006 alone, with the most expensive properties located in East Belfast where prices averaged £211,925.
The average cost of a home in Northern Ireland now exceeds the rest of Britain and the Bank of Ireland has confirmed that NI had the most inflationary residential market in Europe.
The bank's head of research, Alan Bridle, commented: "The survey shows the old year went out with a bang and the momentum is likely to be carried into at least the early months of 2007."
Nevertheless, he predicted: "We expect the growth to slow to something of the order of 15 per cent in 2007 - perhaps higher in the early months but cooling off as the year unfolds. Even then, that growth would be comfortably above what our neighbours in the Republic of Ireland and Great Britain can expect."
Solicitors in Northern Ireland can expect to remain busy as there seems to be no let-up in demand, despite rising interest rates aimed at cooling interest in the property market.
Contact us for legal advice
