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13/08/2008
NI Property Slump 'Faring' Better Than Rest Of UK
Market indicators have suggested the Northern Ireland 'property crash' is experiencing a decelerated pace of decline than other parts of the UK.
Figures produced by the RICS (Royal Institution of Chartered Surveyors) have revealed the Province's housing market is faring slightly better than other British regions, as prices continue to fall across the United Kingdom.
Results for July, generated by Ulster Bank, showed 88% of Ulster surveyors had adjusted property prices compared to 98% of agents in the North of England, 96% in Yorkshire and 93% in the West Midlands.
Buyers are being tempted by falling prices according to RICS.
Northern Ireland RICS spokesman, Tom McClelland, said: "Low sales levels are not unexpected during July.
"However continued uncertainty amongst potential buyers and difficulties that first time buyers are experiencing obtaining mortgage finance have resulted in the housing market being at a virtual standstill in many areas."
Mr McClelland said "confusion over the Treasury position on stamp duty" would not help boost sales in the short-term.
He said government-led initiatives, in addition to falling prices, should begin to draw new buyers back into the market place.
"Indeed some agents are already reporting an increase in inquiry levels in some areas as many seek bargains," added Mr McClelland.
Head of Mortgages at Ulster Bank, Derek Wilson has said the bank's "doors are still open" to new mortgage business, with advisers "readily available to discuss individual customer needs".
Mr Wilson said: "There is uncertainty amongst homebuyers and those remortgaging and it is therefore more important than ever that they avail of the best mortgage advice available.
"Consumers should ensure that they fully investigate their options in order to avail of the most suitable products to meet their individual needs."
(PR/JM)
Figures produced by the RICS (Royal Institution of Chartered Surveyors) have revealed the Province's housing market is faring slightly better than other British regions, as prices continue to fall across the United Kingdom.
Results for July, generated by Ulster Bank, showed 88% of Ulster surveyors had adjusted property prices compared to 98% of agents in the North of England, 96% in Yorkshire and 93% in the West Midlands.
Buyers are being tempted by falling prices according to RICS.
Northern Ireland RICS spokesman, Tom McClelland, said: "Low sales levels are not unexpected during July.
"However continued uncertainty amongst potential buyers and difficulties that first time buyers are experiencing obtaining mortgage finance have resulted in the housing market being at a virtual standstill in many areas."
Mr McClelland said "confusion over the Treasury position on stamp duty" would not help boost sales in the short-term.
He said government-led initiatives, in addition to falling prices, should begin to draw new buyers back into the market place.
"Indeed some agents are already reporting an increase in inquiry levels in some areas as many seek bargains," added Mr McClelland.
Head of Mortgages at Ulster Bank, Derek Wilson has said the bank's "doors are still open" to new mortgage business, with advisers "readily available to discuss individual customer needs".
Mr Wilson said: "There is uncertainty amongst homebuyers and those remortgaging and it is therefore more important than ever that they avail of the best mortgage advice available.
"Consumers should ensure that they fully investigate their options in order to avail of the most suitable products to meet their individual needs."
(PR/JM)
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12 October 2011
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28 August 2008
NI Developer Cuts House Prices By 40%
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11 September 2012
First Time Buyer Numbers On The Up
First-time buyers in Northern Ireland are taking advantage of falling house prices, new figures suggest. A survey by the Royal Institution of Chartered Surveyors found that the proportion of first-time buyers in the housing market is at its largest since 2001.
First Time Buyer Numbers On The Up
First-time buyers in Northern Ireland are taking advantage of falling house prices, new figures suggest. A survey by the Royal Institution of Chartered Surveyors found that the proportion of first-time buyers in the housing market is at its largest since 2001.
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Northern Ireland WeatherThis Evening and Tonight:Largely dry with clear spells at first, a few showers in the north and west. Becoming cloudier with rain spreading east through the early hours. Becoming windy, westerly gales developing along the north coast. Minimum temperature 6 °C.
