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12/11/2013
'No Change' In House Prices
Overall there has been "no change" in Northern Ireland house prices throughout the month of October, according to a report.
A survey by the Royal Institute of Chartered Surveyors (RICS) and the Ulster Bank found 52% of respondents said there had been "no change" in prices.
However, 43% of those surveyed on house sales found that prices had gone up, while 5% said prices had gone down.
RICS housing spokesman Tom McClelland said: "The evidence from a range of indicators is that the improved performance of the local economy has been sustained into the autumn, and this appears to be the case for the housing market as well.
"With prices down around 55% from their peak, this provides significantly improved affordability, despite stagnating wages.
"Historically low interest rates, which are unlikely to rise for the next 12 months, also continue to be a factor.
"Anecdotal evidence from a range of sources suggests that strong interest from buyers does not appear to be abating."
Derek Wilson, head of lending products at Ulster Bank, added: "A greater sense of realism is evident in property values, both on the part of sellers and buyers, which will act to encourage interest and activity."
(IT/JP)
A survey by the Royal Institute of Chartered Surveyors (RICS) and the Ulster Bank found 52% of respondents said there had been "no change" in prices.
However, 43% of those surveyed on house sales found that prices had gone up, while 5% said prices had gone down.
RICS housing spokesman Tom McClelland said: "The evidence from a range of indicators is that the improved performance of the local economy has been sustained into the autumn, and this appears to be the case for the housing market as well.
"With prices down around 55% from their peak, this provides significantly improved affordability, despite stagnating wages.
"Historically low interest rates, which are unlikely to rise for the next 12 months, also continue to be a factor.
"Anecdotal evidence from a range of sources suggests that strong interest from buyers does not appear to be abating."
Derek Wilson, head of lending products at Ulster Bank, added: "A greater sense of realism is evident in property values, both on the part of sellers and buyers, which will act to encourage interest and activity."
(IT/JP)
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