11
Jan
Rics: NI market to open up for first time buyers
First time buyers will find the Northern Ireland housing market
increasingly accessible next year, according to the Royal
Institution of Chartered Surveyors (Rics).
A study of the Northern Ireland market during 2006 and 2007
revealed what Rics dubbed massive house price growth" with the
price of a property increasing at over 24 per cent - the highest
rate in the country.
This had meant that first time buyers had found deposits hard to
raise and were frozen out of the market.
However, according to Tom McClelland, housing spokesperson for Rics
Northern Ireland, indications that price growth is moderating in
the county spells good news for those mulling a first house
purchase.
He said: "Ultimately first-time buyers could benefit from the
change in the market.
"With investor activity having declined, there is less competition
for properties in the sector of the market within the first-time
buyer's price range."
He added: "In addition, first-time buyers must be encouraged by the
outlook for interest rates."
