Wednesday, 12 September 2012

First-Time Buyers Keep Local Housing Market Afloat

The Royal Institution of Chartered Surveyors (RICS) have recently unveiled their latest survey, which has revealed that, for the first time in over ten years, first-time buyers are dominating Northern Ireland’s housing market.

‘With first-time buyers making up the largest proportion of the Northern Ireland housing market since 2001, it is clear that the increased affordability has helped facilitate activity in this segment’, said Derek Wilson, the head of lending products at Ulster Bank, which carried out the poll alongside RICS.

Of those surveyed, 55% reported that prices fell in the past three months, while 44% reported no change.

‘Overall, the big house price falls are certainly behind us,’ said RICS Northern Ireland housing spokesman Tom McClelland, ‘particularly at the lower end of the market, and this is most apparent in the Greater Belfast area. But with economic conditions, repossessions and other factors, the average price in Northern Ireland will likely move lower in the months ahead, with price changes likely to be much more apparent in some areas than others.’

Half of respondents saw transaction levels remain static, while 17% saw a rise and 33% reported a decrease.