Northern Ireland house prices to rise by 4 per cent in 2015

By Michelle Rock

Property prices in Northern Ireland could rise by as much as 4 percent next year, more than the projected UK average of 3 per cent, and higher than booming areas such as London.

The property value forecast was made by the Royal Institution of Chartered Surveyors (RICS), which believes that stamp duty reform, first time buyer appetite, and a lack of houses on the market will combine to increase property prices in Northern Ireland by 4 per cent in 2015. Property values in the region increased by 7 per cent this year, which RICS spokesman Samuel Dickey says was "stronger" than they had anticipated, and the result of the economic recovery. However, Mr Dickey says the impending public spending cuts will result in "more modest" price growth in 2015.

Northern Ireland property prices are still over 40 per cent below the peaks reached during the boom in late 2007, and house sale transaction levels are also greatly reduced. This year has seen the first real steps of recovery but it will be a long time before property values get close to the levels reached seven years ago.

If you are buying, selling or remortgaging a property in Northern Ireland, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast 0800 840 9290.

To request a conveyancing legal fees quotation online click here.

 

 

(Image rights reserved by Images_of_Money)