4 pc increase predicted for Northern Ireland property prices

By Lauren Burns

The Royal Institute of Chartered Surveyors (RICS) is predicting that Northern Ireland property prices will increase by 4 per cent over the next year.

The Northern Ireland property market took a lot longer than England and Wales to show real signs of recovery, and it is only in the last few months that statistics have showed stability followed by modest increases. RICS is predicting that property prices in the UK will on average increase by 8 per cent over the next 12 months, and place Northern Ireland at the bottom of the regions in terms of price growth.

The steep rise and fall of house prices during and after the property boom meant that Northern Ireland had a longer road to recovery than the other regions of the UK. Now that house prices have finally bottomed-out they stand at approximately 54 per cent below the levels they reached during the boom. As such, for those that bought during the peak months negative equity continues to be a problem. The gradual increase in house prices will not make a substantial dent on the shortfall of a house bought at double its current value, and many homeowners have focused on addressing the issue by overpaying on their monthly mortgage payments to increase their equity stake.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or to read more information on property conveyancing in Northern Ireland click here.

 

 

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