Boom in Northern Ireland House Prices Cooling

Posted 2007-12-22

A year of massive growth for house prices in Northern Ireland appears to be cooling off, experts say.

The Royal Institute of Chartered Surveyors (RICS) said sales will pick up in 2008, but warned sellers will have to be more realistic about their house prices.

Tom McClelland, housing spokesman for RICS Northern Ireland, said: “The market changed considerably during the course of 2007 and the new reality is a market where agents have to work harder to achieve sales and sellers have to be more realistic.”

He also said first time buyers “could benefit from the change in the market” as there is “less competition for properties in the sector of the market within their price range.”

At the end of 2007 Northern Ireland had the fastest average house price growth in the UK at a massive £150 a day, or 24.2 per cent.

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