Housing Prices Falling in Northern Ireland

Posted 2008-01-8

Housing prices in Northern Ireland grew tremendously last year, according to the Royal Institute of Chartered Surveyors, but they are beginning to slow.

 

Home sellers will need to be practical when pricing their homes this year, but RICS expects sales to continue.

 

The market has changed dramatically during 2007, according to Tom McClelland, housing spokesperson for RICS Northern Ireland.  Today, “agents have to work harder to achieve sales and sellers have to be more realistic about asking prices,” he says.

 

Changes in the market could ultimately work to the benefit of first-time home buyers, predicts McClelland, because fewer buyers are competing for homes in that price range.

 

By the end of last year, the housing price growth rate was 24.2 percent, making it the highest in the UK.

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