House prices rise for sixth month

Published Tuesday, 10 December 2013
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The latest property market figures are indicating that house prices in Northern Ireland are continuing on the road to recovery.

House prices rise for sixth month
The local housing market is picking up, the report said. (© Pacemaker)

A report from the Royal Institution of Chartered Surveyors said that November was the sixth month in a row of higher prices.

Average prices are now more than 50% below levels witnessed during the housing boom.

Tom McClelland of RICS explained: "It must be remembered that average prices are now more than 50% below peak levels and they are rising from these levels - last seen in 2004 - at modest rates.

"The pattern across Northern Ireland is also varied, with different regions experiencing different trends. In terms of transactions, it is encouraging to note that these continue to rise, as housing market activity is an important economic driver."

A recent University of Ulster report listed the average house price at about £130,000.

Derek Wilson, head of lending products at Ulster Bank, also said recent data from the Council of Mortgage Lenders (CML) showed the number of loans advanced for house purchase here grew to its highest levels since 2009 between July and September this year.

He went on: "Greater interest and activity in the market is a reflection of a greater sense of realism evident in property values, both on the part of sellers and buyers.

"Through the continued development of our mortgage range, our team of mortgage specialists covering Northern Ireland, and our involvement in the co-ownership scheme, Ulster Bank is committed to playing its role in the market."

© UTV News
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2 Comments
Paul McCaw in Belfast wrote (128 days ago):
I agree, Dave in Belfast. This hasn't really finished yet "dead cat bounce" springs to mind. When interest rates climb north then there will be a serious colapse again in prices. When people decide to eat and heat themselves, over paying the mortgage then you have a receipe for disaster(reposessions). It's going to be a blood bath with prices falling even further than the 50% they have already fallen (since 2007). RICS never got it right about the crash and they are being too optimistic about this "rise in prices" too.
Dave in Belfast wrote (129 days ago):
Here's what is about to happen. Further general improvement in UK economy, mostly centred in London but filtering out to rest of UK as always. House prices are already accelerating away from fundamentals having not fully corrected in most regions. Interest rates will rise. All the zombie households and over-optimistic property investors will get destroyed by the next leg down of this crash. Why is this obvious only to very few?
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