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NI house prices highest in Europe Price rise 'top in Europe market'
(about 9 hours later)
House prices in Northern Ireland have risen more than anywhere else in Europe, according to a new report.House prices in Northern Ireland have risen more than anywhere else in Europe, according to a new report.
The cost of property increased by an average 36% in 2006, more than three times the figure for the UK as a whole.The cost of property increased by an average 36% in 2006, more than three times the figure for the UK as a whole.
The Royal Institute of Chartered Surveyors European Housing Review found the market was proving extremely difficult for first-time buyers.The Royal Institute of Chartered Surveyors European Housing Review found the market was proving extremely difficult for first-time buyers.
RICS Northern Ireland spokesman Tom McClelland said growth across Europe had been solid.RICS Northern Ireland spokesman Tom McClelland said growth across Europe had been solid.
The continent had resisted the lead of the US, where the market ground to a halt, he said.The continent had resisted the lead of the US, where the market ground to a halt, he said.
'Pushed prices up''Pushed prices up'
"Fears of a considerable house price slowdown in the UK, Spain and the Republic of Ireland - which are considered to be over-heated markets - once again proved to be off the mark," he said."Fears of a considerable house price slowdown in the UK, Spain and the Republic of Ireland - which are considered to be over-heated markets - once again proved to be off the mark," he said.
"The UK market as a whole performed well, with growth of around 10%, but it was Northern Ireland at 36% that was the real powerhouse of Europe as our relatively buoyant economic conditions, a strong investor market and a significant shortage in housing supply pushed prices up very significantly."The UK market as a whole performed well, with growth of around 10%, but it was Northern Ireland at 36% that was the real powerhouse of Europe as our relatively buoyant economic conditions, a strong investor market and a significant shortage in housing supply pushed prices up very significantly.
"Although this has been good news for investors, it has added to the considerable affordability issues facing many households and first-time buyers," he said."Although this has been good news for investors, it has added to the considerable affordability issues facing many households and first-time buyers," he said.
The survey found that of the big four markets - the UK, France, Germany and Italy - only the UK outstripped its 2005 performance.The survey found that of the big four markets - the UK, France, Germany and Italy - only the UK outstripped its 2005 performance.
The institute said that reflected the UK's "dire land and new housing predicament, as lack of supply continued to artificially inflate the market".The institute said that reflected the UK's "dire land and new housing predicament, as lack of supply continued to artificially inflate the market".
France recorded a price drop of 7% and Italy was down 4%. The German housing market remained stagnant, but there were signs it may begin to mirror the improving economic fortunes. French prices went up 7% while Italy was up 4%.The German housing market remained stagnant, but there were signs it may begin to mirror the improving economic fortunes.
The Scandinavian countries continued their growth, with Denmark experiencing a rise of more than 20%.The Scandinavian countries continued their growth, with Denmark experiencing a rise of more than 20%.