Rics: Northern Ireland housing market robust in 2008
Published: 10-Jan-2008
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Buy-to-let landlords looking to expand their property portfolios in 2008 could do a lot worse than look at the market in Northern Ireland.
According to the Royal Institution of Chartered Surveyors (Rics), the housing market in Northern Ireland will continue to perform well this year, following terrific growth in 2007.
Nationwide figures show that house price growth in the country topped 24.2 per cent last year, equating to an average of £120 per day.
Rics spokesman Tom McClelland 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 about asking prices.
"The RICS and Ulster Bank housing survey showed that prices fell in the final months of 2007, but we anticipate that transaction numbers will increase in the first half of 2008, supported bythe recent interest rate cut and potential cuts in the coming months."
He did note, however, that investor activity has declined somewhat.
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